Zuckerberg says his company will lose a lot of money on metaverse

Meta CEO Mark Zuckerberg is confident that the company will lose a significant amount of money on metaverse in the short term.

During the shareholders' meeting on May 26, the company’s CEO made a statement that the ticket to the metaverse industry will lead to significant losses in the short term. The company will lose money over the next five years, which will affect the value of its shares (they have already dropped by 43% since the beginning of the year).

In the long term, the No. 1 social network is still optimistic about metaverse, despite a weak financial report for Q1 2022. According to Zuckerberg, participation in the development of the metaverse industry will bring profit, but it will have to wait.

This month, representatives of Meta filed a number of applications for the re-registration of the Meta Pay trademark. According to published data, the tech giant intends to launch its own crypto exchange.