“I think Mark Zuckerberg is telling us he doesn’t think he has a core business,” Martin said. “He is moving to Reels because it competes with TikTok. He is moving to the metaverse, and he’s changed the name of this company, which tells me he doesn’t think his core business that he built 15 years ago is actually a business anymore.”
“If you take a look at the motivations behind it, we’ve gone through these changes in the past from desktop to mobile,” Shmulik said “And so they [Meta] understand that at some point, there’s going to be another computing platform change. They don’t want to be stuck in the application layer.”
Facebook spent $10 billion in 2021 in early efforts to build the metaverse and Mark Zuckerberg informed shareholders in 2022 that the company will continue spending heavily to create the metaverse and will bleed money for three to five years.
According to research conducted by Piper Sandler, TikTok is the favorite social media app among teens and the margin has only widened for the Bytedance-owned company when compared to Facebook and Instagram.
For Full Story: Mark Zuckerberg is telling us he doesn’t think he has a core business’: Meta Analyst
Photo Credit: Amy Osborne/Agence France-Presse — Getty Images
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