Zuckerberg isn’t giving up on Metaverse dream

ASENSE OF smug satisfaction wafts across the internet whenever a report indicates Mark Zuckerberg’s metaverse vision is in trouble.

- DAVE LEE

So it was last week when my colleague Kurt Wagner broke the news the Meta Platforms Inc. was planning cuts of up to 30% in the Reality Labs division that handles the experimental technology.“Finally, offered Henry Blodget, a man who made his name hyping doomed dotcom stocks. “Points for trying. Now on to other things.” The Wall Street Journal called ita “pivot” away from a “yearslong vision.” Investors cheered. “The potential cost cuts could somewhat offset the historic spend to build out Meta’s Al infrastructure,’ TD Securities analysts wrote, estimating cost savings of $5 billion to $6 billion. Meta shares closed the week up almost 4%. But this isn’t a pivot from the metaverse. It’s a rebrand. Not for the first time, Meta’s chief executive officer has reframed his ambitions to make his spending more palatable to Wall Street—and it’s worked.