Facebook spends $ 10 billion on Metaverse this year

Facebook has great ambitions in the Metaverse space, and the company has now invested $ 10 billion in it. This is the amount that Facebook will spend this year alone on creating the Metaverse as it moves from a social media company to a Metaverse company.

Mark Zuckerberg told investors that Facebook wouldn’t make money from this investment right away, but that would set up a company for future success.

“This is not a profitable investment anytime in the near future,” Zuckerberg told analysts, according to Reuters. “But we basically believe that Metaverse will be the successor to the mobile internet.”

The Verge said $ 10 billion is just the beginning. “We are committed to achieving this long-term vision and look forward to increased investment over the next few years,” Facebook reported.

The company’s Metaverse ambitions are within Facebook’s Reality Labs division, where Oculus Quest is currently founded.

The huge investment in Facebook’s Metaverse is not surprising. Zuckerberg says Facebook aims to move from “people who see us primarily as social media companies to being metaverse companies.” To that end, Facebook currently has more than 10,000 people working on a variety of hardware products, including augmented reality glasses, helping to bring the Metaverse to fruition.

Facebook isn’t the only one to believe that the Metaverse is coming. Bobby Kotick, CEO of Activision Blizzard, believes a metaverse like Ready Player One is approaching.

In other news, Facebook is being scrutinized more and more after whistleblower Frances Haugen published a sensitive corporate document in The Wall Street Journal. Facebook may also be planning to change its name.

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