Meta’s stock took a nasty dip. Mark Zuckerberg, meanwhile, continues to step on the Metaverse accelerator, as a recent investment shows.
After the announcement of the latest quarterly figures, the market value of Meta fell by 200 billion US dollars in one fell swoop. It was the biggest corporate crash in Wall Street history. The downward trend didn’t stop there: the stock lost further ground in the following weeks and at its preliminary low point was only 57% higher than before the historic quarterly report.
The stock market crash had many reasonsStagnating user numbers and Facebook’s unpopularity with young people, massive losses in the advertising industry due to Apple’s app tracking measures and sobering forecasts.
The fact that Meta had ten billion in Metaverse losses and that Mark Zuckerberg is still investing recklessly in technology may also have played a role. The Metaverse is a science fiction vision and not a tangible reality. Its realization is many years away, if at all in this form. Understandably, this makes investors nervous.
Meta is building a new XR hub in Canada
Anyone who now believes this has led to internal rethinking is mistaken. Zuckerberg continues as usual and even adds: He swears by it
employees Metamates have embarked on a long journey, aggressively poaching the competition with sometimes twice as high salaries, and investing heavily in XR research in the neighboring country.
A new engineering center is to be built in Toronto in the next few years 2,500 new jobs be created for researchers specializing in virtual reality and augmented reality. “Most positions are engineering-focused and involve the development of XR experiences and meta-technology,” the company writes on its own blog.
With an average Meta engineer salary of $150,000 per year, this alone would cost Meta $375 million per year.
Meta wants to retain XR talent
The company is also announcing grants totaling $510,000 to 17 Canadian research labs working on Metaverse technologies. With the ulterior motive talented scientists later switch to Meta.
“The country has a vast pool of technical talent whose innovations have the potential to change the world. Canada will play a vital role in developing the next evolution of social technologies, and we want to help the country establish itself as a world leader in this field. »
Canada is not the only country where Meta is making big investments. In European countries 10,000 new Metaverse sites are to be created over the next five years.
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