Meta has quietly gone about its business, avoiding the spotlight as it continues to push into the next level, while most of the emphasis in social media circles has recently been centred on Elon Musk and his many adjustments at Twitter.
It is shifting its focus as part of a larger cost-cutting initiative that has already resulted in the elimination of more than 11,000 jobs this year. According to Andrew Bosworth, head of virtual reality at Meta, “around 80% of Meta’s overall investments support the core business, with the other 20% going toward Reality Labs.”
This makes it reasonable, but it also means that Meta’s stock price may continue to fall for a long time if investors don’t see a return on their investment in the metaverse.
“That’s the kind of investment we think is appropriate for a firm that’s dedicated to maintaining its position at the forefront of one of the most competitive and inventive sectors of the economy” Boz said.