Metaverse chipset 4% before the new launch: Employees demand unclear Metaverse strategy

Metaverse chipset 4% before the new launch: Employees demand unclear Metaverse strategy

Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please refer to our website policy before making financial decisions.

Shares of Meta Platforms fell about 4% on Friday ahead of the company’s annual Metaverse-related event, where CEO Mark Zuckerberg is expected to unveil its latest VR headset. This stagnation comes with a large portion of Meta employees complained They still do not understand the company’s metaverse strategy.

Meta stock damaged amid unclear Metaverse strategy

Meta stock was one of the worst performing S&P 500 stocks in 2022. The company’s shares are down more than 60% year-to-date (YTD), down from $338 in early January to about $133. The company fell another 4% on its last trading day Friday, and is currently down 0.33% in pre-market.

The recession comes amid a poor start to the company’s metaverse endeavors. Nearly a year after rebranding the tech giant to Meta and committing billions of money to creating an immersive virtual world, a large portion of the company’s employees say they still don’t understand their metaverse strategy.

According to a recent report by The New York Times, which interviewed more than a dozen current and former Meta employees, some company employees are complaining about frequent strategic shifts that indicate a lack of a coherent plan.

According to a survey conducted by Blind, an anonymous professional social network of 1,000 Meta employees in May, about 42% of the company’s workforce said they did not understand their reverse strategy. Workers also complained about the frequent turnover of staff, with some referring to major metaverse projects such as MMH, an acronym for “Make Mark Happy.”

Some Meta executives have also questioned the efficacy of the company’s metaverse strategy. A senior leader reportedly told the New York Times that the amount of money the company spent on unproven projects made him “sick for my stomach”.

As reported, Meta late last month announced plans to cut budgets across most teams after they invested a fortune in emerging technologies such as metaverse headsets and VR. The company announced a hiring freeze and the possibility of layoffs for the first time since Facebook was founded in 2004.

Furthermore, the company initially said it expected the metaverse to be ready within 15 years. This means that Meta won’t be able to make any money from its metaverse-related investments anytime soon, further eroding investor confidence in the company. Matthew Ball, Investor and Metaverse Expert, said:

“The pressures for the Meta business in 2022 are sharp, significant, and not metaphysically related. There is a risk that nearly everything Mark has explained about the metaverse is true, except that the timing is farther than he had imagined.”

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Meta to reveal the latest VR headset at the upcoming Metaverse event

On Tuesday, Meta is expected to unveil its latest VR headset at the Meta Connect 2022 VR conference. It is said that the device Designer For professional use instead of the more popular $400 Meta Quest for mainstream consumers.

Notably, the Meta’s Quest 2, the company’s consumer VR headset unveiled in late 2020, is the most popular virtual reality headset with over 15 million items sold. Moreover, the Oculus VR app, currently referred to as the Meta Quest, has been installed more than 21 million times on iOS and Android devices, according to an estimate by the analytics firm Sensor Tower.

Aside from its own VR headset, the Meta is expected to announce other new metaverse features as well. The company is likely to announce a series of new apps and partnerships in an effort to increase excitement around its metaverse initiative.

However, the stakes are high for the tech giant, which has seen its ad revenue stall amid growing competition for users’ attention. This is especially true given Apple’s recent privacy upgrade which reduces targeting capabilities by restricting advertisers from accessing an iPhone user ID.

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Do you think Meta will be able to continue its metaverse endeavors despite poor market conditions? Let us know in the comments below.

About the author

Ruholamin Haqshanas is an accomplished crypto and financial journalist with over two years of experience writing in the field. He has a solid understanding of various sectors of the fintech field, including the decentralized redundancy of financial systems (DeFi), and the emerging market for non-fungible tokens (NFTs). He is an active user of digital assets for remittances.

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