Home » “Mark Has Surrounded Himself With Sycophants”: Zuckerberg’s Big Bet on the Metaverse Is Backfiring

“Mark Has Surrounded Himself With Sycophants”: Zuckerberg’s Big Bet on the Metaverse Is Backfiring

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early October, Yang Xiaonan When Mackenzie Dern Two prized UFC fighters entered the 25-foot octagon ring at the Las Vegas Apex Arena and punched each other in a women’s strawweight bout. But unlike countless previous fights in arenas often filled with hundreds of raucous fans, this time his 130,000-square-foot space was eerily quiet. Nearly every seat was empty as the camera panned around the arena. Mark Zuckerberg and his wife, Priscilla Chan At some point during the pandemic, Zuckerberg seemed to be drawn into UFC fights, and the Facebook founder billionaire wanted to experience one of these fights firsthand. But instead of just buying two tickets and watching the game, as most normal people do, Zuckerberg clearly does something else. Out of fear of humans, they rented out the entire arena. According to DernClaims UFC Chief Dana White Denied.

Being insanely rich, powerful, and famous affects people in different ways. In Hollywood, celebrities get implants, abdominoplasty, and ribs removed so they can stay beautiful forever.In the world of fashion, the more money and accolades a famous designer receives, the more their own sense of style resembles a circus clown. Rick Owens who now dress like a bat. ) But Technoland people do something completely different. The more money and prestige they get, the more they withdraw into a closed world where they don’t interact with us commoners.They fly away from the Normal in their private his jets. They live in homes worth hundreds of millions of dollars, and in Zuckerberg’s case, buy a house near me So you don’t have to interact with your neighbors. And perhaps most bizarrely, they are surrounded by flatters in their work environment, live online in their own form of digital feudalism, and are unable to interact with people outside of the most recent bubble. Rarely.

For Zuckerberg, the decision to remain isolated from the world has taken a heavy toll on him. His problems began a year ago when he decided it was time to rebrand his Facebook when he was approaching 18. Zuckerberg said the name change would also change the company’s direction. “Metaverse first, not Facebook first” Zuckerberg Said At the time, he was giving nearly 75 minutes of presentations while wandering around the office. “Facebook is he one of the most used products in the world. But increasingly, it doesn’t cover everything we do.” He believes the metaverse is the future was

The problem, as everyone presumed then and now, is that no one wants to live in the Metaverse. They don’t want to go to a meeting in a virtual coffee shop on the Moon. They don’t want to dress up as a digital porcupine and go on a date on a virtual beach with pink waters. Nor do I want to exercise in a virtual outdoor space with my friends who live a block away. If the pandemic has taught us anything, it was that technology allows us to connect when we can’t reach people in other ways, but in reality, face-to-face More than ever, people want to experience the real thing, and most importantly, they want to experience real people. . Zuckerberg doesn’t seem to want to be around real people, as his trip to the Apex Arena in Las Vegas shows so perfectly—in fact, he’s a little afraid of them. There seems to be Had Meta released the Metaverse during the pandemic, it would have been a more significant advancement than Zoom. But as the packed restaurants, packed hotels and overbooked flights show, we are no longer in the middle of a pandemic.

It’s honestly been staggering to see the impact this decision has had on the company since its announcement. It was only worth $10. $1 trillion dollar. A little over a year later, the company’s value fell to the 20 million yen level. $236 billionThat’s a loss of over $840 billion in value in one year. Putting that into perspective, the company’s value fell by about as much as it is today. Combined Calculate the value of IBM, CVS, Goldman Sachs, Charles Schwab, Netflix, Twitter and AT&T all in one year. in October, wall street journal, Citing internal documents, Meta’s metaverse, called Horizon Worlds, is seeing low adoption by users. I set a goal to make it human.” journal I have written. “But in the last few weeks we’ve corrected that number to 280,000. The current tally is less than 200,000.” Most visitors visit Horizon Worlds, then don’t go back to the app After the first month, according to journal.

Zuckerberg’s own wealth Over $100 billion lost Even then. (Don’t worry, he still has about $38 billion left. He’ll be fine.) Last week, Zuckerberg announced He had laid off over 11,000 employees, or about 13% of the company’s workforce. “I got this wrong,” Zuckerberg told an employee. “My deepest sympathies, especially to those who have been affected.” “In this new environment, we need to be more capital efficient,” Zuckerberg said in announcing the layoffs. “We have shifted more resources to a smaller number of high-priority growth areas, such as our AI discovery engine, our advertising and business his platform, and our long-term vision for the Metaverse.”

People who were once close to Zuckerberg and worked at the company were shocked to see the sudden change. “He didn’t always follow their advice, but he listened.”The problem now is that Mark is surrounded by flatters. I’m obsessed with their vision of the future that no one else cares about,” the former Facebook executive told me. “In earlier times, someone would have been able to reason with Mark about the direction of the company, but not now.” Another former Facebook executive agreed, focusing on the future. He pointed out that it is irresponsible for shareholders and employees for a company to drastically change its direction in such a short period of time, although it is important to develop new products based on these efforts. “I’ve known Mark for almost 20 years, but I’ve never seen him act so suddenly.

Recent events show why many investors are reluctant to risk investing their capital in Meta stock, a technology investor told me. “This is what happens when demagogues play the game for total control over the voting mechanics of the entire company,” an investor told me, adding that Meta has dual-class shares and Zuckerberg Holds 55% of the company’s voting stockgive him power over all decisions made by the company. “Visionary legacy trumps the profit motive and shareholder value. no one wants anything to do with it.”

Not everyone is against Zuckerberg and his vision of the future, likening the backlash Zuckerberg and his company are receiving to the reaction other new technologies have received in the past. The startup co-founder who works in the industry says consumers don’t know what they want, and Zuckerberg’s vision for the next era of his company isn’t wrong, but rather its transition. “If he asked consumers what they wanted, they would say social media faster. Not very similar: ‘If I had asked people what they wanted, they would have answered faster,’ Ma,” the startup co-founder said. “There’s no question that AR and VR are the future. It’s just a matter of when,” another Silicon Valley insider said. People in the industry are rooting for his success.”

Those in Meta orbit either still work for Meta or were recently laid off, and are less sympathetic to Zuckerberg or the company’s recent turnaround. “The Metaverse is our slow death,” a senior software developer at Meta posted on an anonymous employee platform last week. blindness“Mark Zuckerberg will single-handedly kill the company in the Metaverse.” Another employee wrote, “Zack is leading this company in the wrong direction.”nevertheless another person wrote, “I thought it was a data-driven company, but it’s actually driven by one person’s intuition and emotions. No one can overrule his decisions.” There seems to be one group with potential. It’s a Wall Street investor. But given the way the current stock structure in the meta works, Zuckerberg needs to figure out what’s best for consumers, and perhaps the best way to figure that out is actually his Facebook is to interact with people who use

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