Author Neal Stephenson coined a word to represent a place where human avatars communicate with each other in his 1992 novel “Snow Crash.”
That term was “metaverse,” and it has now become part of the vernacular as the concept has moved beyond the realm of science fiction and into everyday life.
An expensive conversion
The corporation formerly known as Facebook (FB) – Get Meta Platforms Inc. Class A Report changed its name to Meta in October after CEO Mark Zuckerberg dubbed the metaverse “the next frontier.”
The metaverse has been defined as a network of 3D virtual worlds focused on social connection; however, Meta has encountered some major obstacles on its way to the next frontier.
Frances Haugen, a former product manager, accused the social media giant of prioritizing revenue over the impact of hate speech.
Meta Platforms reported lower-than-expected fourth-quarter earnings in February, indicating the conversion has been costly.
The results hit Zuckerberg square in the wallet, as he lost $29.7 billion of his net worth, while his company’s market capitalization fell around $237 billion a day after the results were released.
The company’s Reality Labs division lost $10.2 billion in 2021, more than double its operating loss of $4.62 billion in 2020. The operating loss in 2019 was $4.5 billion.
The Securities and Exchange Commission has finally arrived.
The agency recently ordered that Meta must allow investors to study and vote on a shareholder proposal that questions the “social license to operate an emerging technology like the metaverse” without fully appreciating the potential risks and negative consequences.
“The SEC decision is a win for investors who really challenge Zuckerberg’s leadership and move into the metaverse,” said Natasha Lamb, managing partner at Arjuna Capital, one of the parties that filed the petition in December.
‘We value the opinions of our investors’
“This ruling clears the way for investors to better understand the metaverse’s potential psychological and human rights risks and assess whether Meta should invest $10 billion per year in an emerging technology, especially when they clearly fail to manage the risks on their platforms. main ones,” Lamb told TheStreet.
He went on to say that it’s crucial to remember how important the move from Meta to the metaverse is to investors.
“When it revealed negative earnings growth last quarter, fueled by this $10 billion investment,” he said, “its shares experienced the biggest stock market loss ever.”
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