Billionaires Attacking Zuckerberg: Meta Is A Mistake?
Mark Zuckerberg definitely operates to his own beat. When it comes to the company that was known as Facebook, his power is without question. For this reason, all kudis as well as attacks start and end with him.
There is little doubt that Zuckerberg is a highly intelligent individual. He also has great vision. The question is, however, did he make a mistake with the decision to transition to Meta?
Some are even comparing it to New Coke.
This goes a few billionaires starting to question the sanity of Zuckerberg. Many feel the carnage that existed this year is not going to stop.
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Betting Billions On Something That Doesn't Exist
Zuckerberg is all about the Metaverse. As stated, my personal view is we are decades from this technology being accessible. Even a Ready Player One experience is not going to happen anytime soon.
This has not stopped Zuckerberg from risking big money on the idea that Facebook (now Meta) will be the one to bring it to market. He is all about control and this is where he seeks to position his company.
The challenge is whether he will succeed before he runs out of money. Some, like Michael Burry, question if he will end up broke or not. The idea is to transition back to the Faebook model.
Ultimately, Zuckerberg decided to move away from a model that was working well to one that is not even developed yet. This is extremely risky especially since he did not opt to transiont.
Instead, he went all in on the idea.
With technology, there are two major components.
The first is to be right about what is being developed. On this, perhaps Zuckerberg is on target. We have no idea if he will be able to create what he seeks. It is possible that he has the capability to engineer this.
Which brings up the second point: timing.
Technology is always about timing. Get this wrong and you might as well have the tech misaligned. If users do not embrace it, all is for naught.
This is where Zuckerberg appears to be heading off track. Even if he is right, he might be wrong because of the timing.
Web 5.0
I called the Metaverse "Web 5.0". This has nothing to do with the ideas Jack Dorsey is trying to shove down people's throats. On the contrary, this is meant to convey the evolution of the Metaverse.
At present, we are working towards Web 3.0. This will likely take the rest of this decade and, perhaps, a good chunk of the next. After that, we will see Web 4.0, whatever that will look like.
It is only then that I estimated we will be in the realm of the Metaverse. Web 5.0 is going to depend a great deal on edge computing, it will emcompass true mixed reality, and we will likely be integrating computing power we can only dream about today.
In short, it will be as radical to us right now as today's Internet as compared to the days of dialup. It will be something we cannot even recognize.
For this reason, it is absurd to bet on the Metaverse. It is nothing more than a marketing ploy at this point. Certainly, we can use the ideas as a road map going forward. However, the main point is we are going to need many technological evolutions to take place.
Zuckerberg, to his credit, is trying to forge those. The problem is he will disassemble Facebook completely in that quest.
Certainly, for those who are not fans of his approach and how Facebook operates, the demise is not unwelcomed. Nevertheless, just looking at this from an investment/business strategy standpoint, the risk seems to outweight the rewards.
Perhaps Zuck is the smartest person in Silicon Valley. If that is the case, the Metaverse might be his total domain.
Of course, he best hope he is right since he is placing the entire Facebook fortune on that bet.
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This article is interesting. I now only use Facebook to share posts from the Splinterlands Social Media Challenge. Now Facebook is certainly the past. As far as Meta is concerned, I have never been very interested and have never fully understood the project. Interesting what you wrote about timing. As you wrote in the article, technology must also be introduced and used at the right times.
I haven't fully understand why he changed the name Facebook to meta when we are still yet not up to that level. Probably he is thinking something bigger but the current tech innovation doesn't support his plans. It's either he changes his mindset of coming back, then taking it slowly till we get to metaverse web5, or Elon takes his place. Thanks for sharing
Facebook isn’t doing too well with the younger generation, Instagram does better but TikTok eats his lunch. He needs the next big thing to not become irrelevant.
It’s good that he is trying to accelerate VR technology advancement, but the current pricing is not going to help him turn it around with mass adoption.
Let’s see what Apple does.
The Metaverse can be something good in the future but the technology just isn't here yet. I stopped using it years ago and I don't regret it. From what I see, I think he needs to implement good features to attract users to its social media site. Zuckerberg needs to know when to stop when the technology just isn't there.
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Zuckerberg's cash cow is Facebook which is something that younger millenials and younger than them do not touch. Time is against Facebook if nothing changes. Zuckerberg knows this very well, which is why he is trying to build something to onboard young people.
Kinda reminds me of the Apple Newton.
They spent a billion or two developing a PDA nearly a decade before consumers cared anything about that type of device.
Harvard Business School professor Clayton Christensen discussed this in his classic book The Innovator’s Dilemma. If Apple had focused on a niche market for the Newton rather than expecting a global launch from the start, they probably could’ve pulled it off.