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Mark Zuckerberg makes a U-turn on metaverse spending as Reality Labs is hit with a new efficiency mantra | Business Insider

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Meta CEO Mark Zuckerberg has gone in a few months' time from pushing the metaverse as the future of his company to it being just another long term project.

"surprised" him as they not only cut costs, but also improved communication and progress on future products.

Susan Li, Meta's new CFO, said on the call that losses from Reality Labs will"continue" in 2023 because it is a"long duration investment." Still, Reality Labs would be subject to the same push for efficiency as other parts of the company, Zuckerberg said. "I think people are going to look back, decades from now, and talk about the importance of the work that was done here," Zuckerberg said last fall.

 

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