Meta Loses Key Metaverse

  • Meta Platforms Inc’s (NASDAQ: META) virtual reality social platform Horizon chief quit for a new opportunity, Reuters reports.
  • Horizon marks the main gateway for accessing Meta’s multi-billion-dollar metaverse ambition.
  • VP Vivek Sharma departed, and his team would report directly to Vishal Shah, VP of Metaverse.
  • Platforms created by Sharma’s team include Horizon Worlds, a comprehensive VR world-building platform, and Horizon Venues, focused on virtual events.
  • Recently, critics ridiculed Chief Mark Zuckerberg’s avatar’s graphics quality after posting a screenshot of it on Facebook.
  • Zuckerberg posted a second image days later showing a more sophisticated avatar.
  • Also Read: Elon Musk’s Ex-Girlfriend Grimes Says Mark Zuckerberg ‘Wildly Under Qualified’ To Run Metaverse
  • Sharma, who has been with Meta for more than five years, was previously VP of product for Facebook Gaming and Facebook Marketplace.
  • Facebook employees feared layoffs of up to 10% despite its denial.
  • Facebook’s value plunged in just six months as it battled advertising challenges kicked off by Apple Inc’s (NASDAQ: AAPL) privacy changes and Russia’s invasion of Ukraine. Its metaverse segment lost $10 billion in a year.
  • Price Action: META shares traded lower by 1.33% at $159.62 in the premarket on the last check Monday.