Zuckerberg’s $100B metaverse gamble is ‘super-sized and terrifying

open letter from shareholders to Mark Zuckerberg, the internet giant's investment in the Metaverse has been labelled "super-sized and terrifying

[{"selector":"#anim-1ebf7398-2d61-48af-8630-ac85c5d9dcdd","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7fc23ee0-442e-4bb7-8410-72da7987d990","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8eb29039-37d1-417b-9426-4a4af1f019a4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.792968654002957%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The shareholder has pressured the corporation to cut back on its investment in the Metaverse and its related technology division

[{"selector":"#anim-865eb149-fbe1-462d-8bf1-28dd5cedea7f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e7f6d61a-6b8a-487e-bdb3-4962e954a025","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-4bd33eb4-ca5b-4a33-8aca-b838a2b69ad4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.189809133122324%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

an open letter was published that was addressed to Mark Zuckerberg and the board of directors.

[{"selector":"#anim-4ddb0e40-626e-454a-96f3-ed9d7f3d1e86","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4aae9a3d-ae3a-4723-93d8-20b7da8b3fdd","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-48115a7c-49d5-4494-a2fa-f243091c28c1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-16.944444506135383%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

It was written by Brad Gerstner, the CEO and founder of technology investment firm Altimeter Capital.

[{"selector":"#anim-7261b897-eba7-48a4-8267-76fd235f4aa7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-01958d67-8a49-421f-a997-88f5f4b5cb96","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0d3a7ca7-75c7-4656-b5e1-fd25f768ce9a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Learn more

An estimated $100 billion or more investment in an unknowable future is enormous and terrifying, even by Silicon Valley standards

[{"selector":"#anim-9d253bb9-0c36-4583-b27d-555c518435bb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a3e711a7-b8be-4518-8913-5550328e4742","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8888f9a9-eebc-4405-a905-e784b13f616d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.367187405140704%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

The company has stated that it will invest $10 to $15 billion annually on its Metaverse project

[{"selector":"#anim-1dac3e8c-6594-4f9f-bc95-e186d53f2d8c","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-dd08eccf-eb67-4dfa-b656-732034b96aed","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-4868696a-c464-4c36-b423-d6b8e2a81af2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-7.105427357601002e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

which includes AR/VR technology and Horizon World, but it "may take 10 years to deliver results."

[{"selector":"#anim-dabc1584-fd4c-4e06-880b-19799c3b50c8","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-52611fa4-b475-447f-b663-0395ad559fa5","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f6829a32-73a1-4cbf-9bde-1cf3142ad901 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-22.67374427387726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

As opposed to the Metaverse, which "has the potential to drive more economic output than the internet itself

[{"selector":"#anim-70cbb148-4920-4c38-80d6-bc1c7d1a4bc0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c12fb364-5751-40fb-a157-f4bc498f895a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ea29cc03-53f8-4f69-af58-fa5db8d1f6cf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(51.318359279002955%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

He stated, "We believe Meta is very well positioned to employ AI to improve all of its existing offers,"

[{"selector":"#anim-6b6c6ed5-7cb3-40f1-9a09-d47e67fee4d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7e1c0d80-1a39-4385-9a52-a08e949e396d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-67d99b8d-5a45-4abe-a66d-1fa881c1a579 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The Bank of America lowered Meta from a "buy" to a "neutral" rating on the same day as Gestner's remarks, in part because of its Metaverse investments

[{"selector":"#anim-82337e89-561b-4bb0-92a0-5ea715c96fd1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9c2be4c5-24d1-419f-8a59-1d677776ef66","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ec8af7cb-cbd7-4467-bf6d-e56c3dc96fbb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-22.283369193902843%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]