Elon Musk, the tech billionaire known for his eccentric remarks and leading ventures like Tesla and SpaceX, has once again targeted his tech counterpart, Mark Zuckerberg. This time, it’s about Meta Platforms Inc.’s META reported $36 billion investment in the metaverse.
What Happened: An account on X, formerly Twitter, which goes by the name “Autism Capital,” posted images of metaverse avatars, including one featuring Zuckerberg, with the caption: “Remember when Facebook bet their entire company on this?”
In response, Musk, known for his acerbic humor, simply stated, “Genius move.”
See Also: Elon Musk Says Mark Zuckerberg’s Threads ‘Committed The Cardinal Sin’ Of Boring People To Death
Dogecoin DOGE/USD co-creator Billy Markus, aka Shibetoshi Nakamoto, also chimed in, suggesting Zuckerberg might have had a psychedelic inspiration.
Musk’s comment garnered agreement from many users, but some offered a more nuanced perspective.
One user pointed out that Reality Labs, where Meta’s metaverse initiatives reside, accounts for only a fraction of the company’s overall budget, with most spending directed toward hardware research and development.
Last year, it was reported that nearly 20% of Meta’s financial resources were allocated to support Reality Labs.
Within Reality Labs, the division was channeling more than 50% of its budget toward developing augmented reality or AR technologies, and around 40% was dedicated to virtual reality or VR initiatives.
Additionally, approximately 10% of the budget was earmarked for creating and expanding innovative social platforms, including the virtual realm known as Horizon.
Why It’s Important: In September 2022, it was also reported that since early 2019, Meta has invested a substantial $36 billion into Reality Labs, even as the division posted significant operating losses.
Despite this, Zuckerberg has remained steadfast in his belief that the metaverse represents the future of computing.
However, the question remains whether this division offers what was initially promised.
When Facebook talks about the metaverse, they often show pictures of 3D characters having a great time in virtual worlds, but their social app, Horizon Worlds, isn’t as impressive as they make it look.
In fact, Horizon Worlds has a lot of problems that are holding it back from being widely used.
Meanwhile, in June this year, Zuckerberg admitted that Apple’s entry in the AR/VR segment would give more “validation to the category.”
However, he doesn’t think the tech giant’s first-generation mixed reality headset had any “magical” technological advancements.
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