This isn’t the first time Zuckerberg has shifted his focus from one new technology to another. Earlier, Zuckerberg had taken the same stance on crypto and metaverse. (File photo).
After various experiments on crypto and the metaverse, Mark Zuckerberg has now turned to AI in his quest to define the future of meta. Facebook becoming Meta on October 28, 2021, was a sign of how quickly Mark Zuckerberg wanted to change the social network he created.
Facebook was founded in 2004 and has so far maintained its relevance primarily through acquisitions. It seems the challenge Zuckerberg is facing is moving the company toward the technologies that will dictate the future.
Zuckerberg’s Approach to AI
Zuckerberg shared during an April 26 earnings call that AI is driving business for the company. Zuckerberg has announced the testing of generative AI tools for advertisers. In this case, the question arises whether Zuckerberg will be able to fully succeed in this experiment this time. It seems the market will love the direction they are going with AI. The company’s stock was trading in the USD235 range last Friday, from a November 2022 low of USD88.09.
This is not the first time they are doing such an experiment
This isn’t the first time Zuckerberg has shifted his focus from one new technology to another. Earlier, Zuckerberg had taken the same stance on crypto and metaverse. An analyst who tracks Meta said, “Meta has more than 3.4 billion users using at least one of these platforms, including Facebook, Instagram, and WhatsApp. Yet the company has its algorithm on the future of the Internet.” Doesn’t seem right.”
What was the plan for the Metaverse?
When Facebook was rebranded to Meta, it was with the belief that the world would be hybrid and virtual worlds would help share immersive experiences. The company invested USD10 billion in Reality Labs in 2022 which also focused on hardware (virtual reality headsets) and creators. The announcement was made in the last quarter of 2021. Then for the first time since installation Meta reported a decline in user growth. The company’s share price also fell by 25%.
Has also tried his hand at crypto
At one time, one of Meta’s most ambitious ventures was the blockchain project, Libra. Zuckerberg first talked about cryptocurrency in a January 2018 Facebook blog post. He claimed that with people losing trust in big tech institutions, the addition of encryption and cryptocurrencies would help combat this. Zuckerberg was not completely successful in this plan.
