FOX Business’ Stuart Varney says Facebook CEO Mark Zuckerberg is running his company “into the ditch” after his company’s value plummeted $251 billion.
About a year after Facebook CEO Mark Zuckerberg rebranded his company as Meta Platforms Inc. and focused on the metaverse, the transition is struggling to gain traction, according to internal documents.
Horizon Worlds, a free-to-play virtual reality online video game created by Meta Platforms Inc., failed to meet internal performance expectations, The Wall Street Journal reported.
Internal documents obtained by the outlet show that Meta has set a goal of 500,000 monthly active users by the end of this year, and although Zuckerberg has said the transition to the Metaverse will take years to complete. company, the company revised the projection to 280,000.
The current user count is less than 200,000, according to the Wall Street Journal.
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Mark Zuckerberg, via video, speaks during the 2022 SXSW Conference & Festivals at the Austin Convention Center on March 15, 2022 in Austin, Texas. (Samantha Burkardt/Getty Images for SXSW/Getty Images)
The documents show that most Horizon users typically stop using the app after the first month, and the user base has been steadily shrinking since the spring.
Meta’s popular social media products, including Facebook and Instagram, serve more than 3.5 billion average monthly customers compared to current Horizon numbers, which is less than the population of Sioux Falls, North Dakota. South.
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Mark Zuckerberg, CEO of Meta Platforms Inc., speaks during the Meta Connect virtual event in New York, USA. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
The Wall Street Journal reported that Horizon’s vast collection of virtual spaces where users appear as avatars and interact with others around the world is underutilized, and only 9% of worlds built by creators are visited. by at least 50 people, many of whom are never visited. at all.
Complaints about platform “bugs” forced Meta to put Horizon on “lockdown” last month, which means new features will be put on hold until the issues are fixed, the point reported. sale.
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Facebook’s Meta logo can be seen at the company’s headquarters in Menlo Park, California. (AP Photo/Tony Avelar, File/AP Newsroom)
Meta shares have also fallen more than 60% in the past year, The Wall Street Journal reported, to accompany the company’s loss of more than $700 billion in market value since September 2021.
This week, Zuckerberg unveiled a new virtual reality headset known as the Quest Pro, which he says will break standards in the world of metaverse technology at a unit cost of $1,500.
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Meta did not immediately respond to a Fox News Digital request for comment.
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