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Mark Zuckerberg’s Blind Faith in the Metaverse: Destruction of a $400B Empire?

Mark Zuckerberg’s ambitious Metaverse project has not garnered much confidence from critics and investors. The share values of Meta, Zuckerberg’s company, have declined, leading to a decrease in his personal wealth. Despite this, the Metaverse project still ranks him among the world’s 20 richest people.

Zuckerberg’s enthusiasm for the Metaverse world is starting to impact both his company’s finances and his personal wealth. The Metaverse continues to be a subject of criticism. Critics and investors have commented on the primitive graphics of the Metaverse world, reminiscent of 1990s video games, the limited activities available in the virtual universe, and questioned the overall purpose of entering the Metaverse. Yet, Zuckerberg remains steadfast in his belief that the Metaverse will be the future of the internet, differing from Silicon Valley investors and critics.

Zuckerberg’s ten-year vision for the Metaverse includes attracting one billion users to this alternative reality, transforming it into a marketplace for digital commerce worth hundreds of billions of dollars daily.

He has invested approximately $10 billion annually, anticipating that social interactions will increasingly occur in this universe, especially with the rise in internet usage during the pandemic. The aim of the Metaverse is to create an alternate world where people can interact online, play games, and conduct business meetings.

However, leaked documents from Meta recently revealed that Horizon Worlds, the centerpiece of the Metaverse, only attracts 200,000 monthly visitors.

Following such developments, Meta’s share prices have plummeted by about 60 percent in the past 14 months, reducing the company’s current market value to $400 billion. The decrease in share prices has resulted in an approximate $600 billion loss in market value.

Consequently, Zuckerberg’s personal wealth has diminished by $76 billion since January, positioning him among the world’s top 20 wealthiest individuals due to the Metaverse project.


Mark Zuckerberg's Blind Faith in the Metaverse: Destruction of a $400B Empire?

Leaked internal information suggests that Meta employees are skeptical about Mark Zuckerberg’s Metaverse dream. It has been revealed that employees within the company have been using terms like “MMH” or “Make Mark Happy” in a sarcastic manner when referring to changes made to the Metaverse project.

Vishal Shah, the Vice President of Meta’s Metaverse division, recognizing the lack of faith in the Metaverse among the company’s staff, addressed this issue in a message to his employees. He questioned, “Why don’t we love this product we’ve designed as much as other products we use all the time? The truth is, if we ourselves don’t like the Metaverse, how can we expect our users to love it?” This message highlights the internal concerns regarding the Metaverse project’s appeal and future success.


Mark Zuckerberg's Blind Faith in the Metaverse: Destruction of a $400B Empire?

Critics are increasingly viewing the Metaverse as a potentially hazardous space for users, especially young people. A BBC researcher reported being able to access a digital strip club within the Metaverse universe while posing as a 13-year-old, raising serious concerns about the safety and appropriateness of content in this virtual world.

The National Society for the Prevention of Cruelty to Children (NSPCC) has voiced concerns as well, with a spokesperson labeling certain areas of the Metaverse as “dangerous by design.”

There are critics who harshly criticize Meta’s CEO, accusing the company of being exploitative and detrimental to various societal aspects. They claim that Meta’s CEO, whom they perceive as greedy, is responsible for harms such as endangering children, fostering individualism and division, undermining democracy, among other issues.

These critics express disbelief at his ambition to convince people to spend more time in what they consider a sinister environment, and they predict that his “strange arrogance” may lead to his downfall this time.

In light of these issues, it appears that Mark Zuckerberg’s bold new world, the Metaverse, has not garnered much confidence or approval from the public.

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