In October 2021, Facebook suddenly changed its name to Meta and changed its development direction to the virtual universe – the metaverse. However, CEO Mark Zuckerberg’s far-reaching ambitions about technology what he considers the ‘future of the internet’ seems to have caused an internal rift in Meta.
Reveal to Business Insidersome employees and former employees of Meta said Mark Zuckerberg was over-invested in metaverse and this has caused those who work for him to become increasingly frustrated, disgruntled, or even left.
Mark Zuckerberg ‘deep down’ into the metaverse
Meta employees disgruntled by inconsistent strategy
“(Metaverse) is the only thing that Mark (Zuckerberg) always says” – a former senior Meta executive who just left said, adding that Meta has gone astray, constantly pushing the progress of the company’s work. team building metaverse and spreading the word business strategy towards the metaverse throughout the company.
According to the former manager, Meta was deviating from the direction, and at the same time constantly pushed the work progress of the team to build the virtual universe. This person also said that Meta is also trying to spread the strategy towards the metaverse throughout the company.
However, Meta’s attempt to pivot to the metaverse in a hurry but without a clear strategy has made many employees working here feel concerned.
“Basically, the transformation is causing an atmosphere of disorganization and anxiety (within Meta),” said an employee who is working for Meta. “People don’t seem to really grasp the assigned tasks because the strategy is not coherent and consistent.”
Is chasing the metaverse the wrong move for Zuckerberg?
In the feedback, a representative of Meta said that they are going through the foundation phase and are determined to put everything into the metaverse. “Many employees are excited, but some are still wondering about this change,” a Meta representative said.
From October 2021, Facebook changed its name to Meta and expressed its ambition to pursue the metaverse field. Immediately after the name change, the company continuously poured huge amounts of money to invest in this field. In 2021, Reality Labs “dipped” Meta’s $10 billion.
As CEO Zuckerberg has mentioned before, the metaverse is a long-term project and it is difficult to see good results within 10 years, and Meta has had difficulties piling up since the beginning of 2022 – when Facebook first recorded received a decline in the number of users and this caused the value of Meta to plummet.
Although Meta’s stock has had a miraculous recovery, recording a 20% gain in the trading session on April 27, internal retention is another big issue that Meta needs to overcome and they need a growth strategy. consistent, sustainable to promote the long-term goal – development of the metaverse.