19 Dec Meta is Facing the Test of Its Lifetime [Vox]
BY SHIRIN GHAFFARY
December 19, 2022 | Meta has had a tough year.
In 2022, the company saw its stock price drop to a historic low, laid off 11,000 of its employees, and faced intense skepticism from impatient investors about the feasibility of its futuristic metaverse vision. But that’s not going to convince the tech giant to change its plans.
In a memo to Meta’s staff also posted on social media, one of Meta’s top executives, CTO Andrew “Boz” Bosworth, reflected on Monday about the difficult moment the company is in. He made it clear that the company will double down on its plans to build out new AR/VR technologies including ones that power the metaverse, which is a series of immersive 3D virtual worlds where people can socialize, work, and play using digital avatars of themselves.
“We never thought it would be easy or straightforward, but this year was even harder than we expected,” wrote Bosworth. “Economic challenges across the world, combined with pressures on Meta’s core business, created a perfect storm of skepticism about the investments we’re making. These are moments that truly test people’s belief in the future.”
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