Mark Zuckerberg announced that the company he founded as a Harvard undergrad would change its name to Meta. “From now on, we’re going to be metaverse-first, not Facebook-first,” he said during a virtual keynote at the company’s Connect event.
Zuckerberg has spent the year since hyping all things metaverse. He went on Joe Rogan’s podcast to extol the virtues of mixed martial arts and virtual reality.
Rogan even got an early demo of Meta’s new high-end VR headset, which is expected to launch during Connect.
But the virtual world has also proved to be a massive money pit. In the last year alone, the company has lost billions of dollars on its metaverse ambitions, and the trend is unlikely to reverse soon.