According To Zuckerberg, The Primary Focus Of Meta Is Social Media

Even though it is now called Meta instead of Facebook, the company’s main focus is still on social media.

Mark Zuckerberg, the founder, chairman, and CEO of Meta said this. He also said that he wanted to change the idea that the company’s main goal is to build the metaverse, which The New York Times reported on Wednesday (Nov. 30).

According to the report, during a video conference at the DealBook Summit in New York, Zuckerberg said, “The vast majority of my time and the vast majority of the company’s effort is going toward social media efforts.”

Investors were worried that he and Meta weren’t focusing on the company’s main business. This led to a 64% drop in the price of the company’s shares and the firing of thousands of people.

The report also said that even though Meta has spent billions of dollars on its metaverse projects, observers haven’t been too excited about the results so far.

At the event, Zuckerberg said that the company’s investment in Reality Labs, which handled its virtual reality (VR) and augmented reality (AR) projects, is only 20% of Meta’s portfolio.

Zuckerberg said that putting a lot of money into the metaverse when the economy was bad was a “mistake,” but he also said that the push for the metaverse as a whole would prove people wrong.

According to the report, Zuckerberg said, “If you’re getting skepticism, you’re pushing hard enough.”

About two weeks ago, it was reported that Meta was going to stop working on its Portal smart display and its smartwatch projects in order to focus on its main businesses after laying off a lot of people.

This news came out two days after the company fired 11,000 people.

Zuckerberg admitted at the time that Meta had made a mistake when it thought that eCommerce spending would continue at the same rate as it had during the pandemic.