Zuckerberg's metaverse to lose 'significant' money in near term

MARK ZUCKERBERG said he plans to invest heavily in his company's metaverse ambitions and that will mean losing "significant" amounts of money on the project in the next 3 to 5 years.

The metaverse, an immersive digital world, will eventually make money from a creator economy, as people build businesses selling virtual goods and services, the Meta Platforms chief executive officer said, responding to a question about return on investment at the company's annual shareholder meeting Wednesday (May 25).

"We want to get the hardware to be as affordable as possible for everyone, and make sure the digital economy grows," Zuckerberg said.

In the meantime, the company is betting on revenue growth from an investment in its Reels short-form video services, Zuckerberg said. BLOOMBERG