Meta CEO Mark Zuckerberg Still 'Long-Term Optimistic' on Metaverse

“The skepticism doesn’t bother me that much,” the CEO of Facebook's parent company said at the DealBook Summit on Wednesday.

AccessTimeIconNov 30, 2022 at 7:40 p.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC

Meta Platforms (META) CEO Mark Zuckerberg said he was still optimistic about the metaverse on a longer, “five-to-ten-year horizon” during the New York Times DealBook Summit in New York City on Wednesday.

"The way we communicate gets richer and more immersive,” Zuckerberg said via a virtual interview, doubling down on his company’s bet on a virtual and augmented reality-dominated future. The company has come under criticism for generating billions of dollars of losses as it builds out its version of the metaverse.

However, Zuckerberg admitted that Meta would need to operate with “more efficiency and discipline” in the near term because macroeconomic woes have forced the company to scale back on spending.

Zuckerberg said Meta spends 80% of its time focused on its legacy social media suite of apps, which include Instagram, Facebook, WhatsApp and others. The rest of the time is spent on developing hardware and software related to the metaverse.

Meta’s Reality Labs focuses on research and development of its metaverse-related projects, which includes three broad buckets: virtual reality, augmented reality and social platforms.

The billionaire CEO said he's unfazed by critics of his company’s bet on the metaverse, saying a lack of pushback typically means an idea is not ambitious enough. “Skepticism doesn’t bother me too much,” Zuckerberg said. “We’ve had doubters the whole time.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Tracy is a deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.