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I mean he just pumped that money into the US and Chinese economy. It's not like he lit a pile of money on fire like the Joker. Most of that money went into salaries of the people doing R&D and manufacturing of the headsets in China. Lets hope the Zuck has a dozen more of these failures.
It wasn't for nothing! I'm sure Meta generated tons of patents they'll use to stifle anyone else in the industry who tries to innovate.
There's not a lot they can patent. VR existed before they started this project, inside out tracking existed before they started this project, and there are other products with similar ideas that go far further than anything metaverse ever put out (I feel like it never even released).
My conspiracy theory is that it was wildly successful, because the point wasn't creating whatever VR space they claimed wanted to happen; it was to cover up the story of the Facebook papers. The timing lines up (both in October 2021 within a day or two). The additional patents acquired in the process are just a nice little bonus.
Investors ate up the idea from someone who has a history of wildly successful growth. And we all know, it would have been outcry from investors that caused any real change (in America at least) about Facebook's business practices.
Can you pls elaborate on what Facebook Papers is? I am aware of the failure that is Facebooks Metaverse, but not whatever their 'Papers' thing is
https://en.wikipedia.org/wiki/2021_Facebook_leak
In 2021, an internal document leak from the company then known as Facebook (now Meta Platforms, or Meta) showed it was aware of harmful societal effects from its platforms, yet persisted in prioritizing profit over addressing these harms. The leak, released by whistleblower Frances Haugen, resulted in reporting from The Wall Street Journal in September, as The Facebook Files series, as well as the Facebook Papers, by a consortium of news outlets the next month.
Primarily, the reports revealed that, based on internally-commissioned studies, the company was fully aware of negative impacts on teenage users of Instagram, and the contribution of Facebook activity to violence in developing countries. Other takeaways of the leak include the impact of the company's platforms on spreading false information, and Facebook's policy of promoting inflammatory posts. Furthermore, Facebook was fully aware that harmful content was being pushed through Facebook algorithms reaching young users. The types of content included posts promoting anorexia nervosa and self-harm photos.
In October 2021, Whistleblower Aid filed eight anonymous whistleblower complaints with the U.S. Securities and Exchange Commission (SEC) on behalf of Haugen alleging securities fraud by the company, after Haugen leaked the company documents the previous month.[1][2][3] After publicly revealing her identity on 60 Minutes,[4][5] Haugen testified before the U.S. Senate Commerce Subcommittee on Consumer Protection, Product Safety, and Data Security about the content of the leaked documents and the complaints.[6] After the company renamed itself as Meta Platforms,[7] Whistleblower Aid filed two additional securities fraud complaints with the SEC against the company on behalf of Haugen in February 2022.[8]
In response to the media fallout, Facebook executives went on press tours to express Facebook's position amidst the frenzy.[9] Facebook also did internal damage control with employees through in person sessions and memos.[10] They went on to do a rebranding and changed their logo as well as their name to Meta.[11]
Speaking of it, there where talks about Facebook harming teenagers and young adults in terms of anorexia and selfharm. Its just that those talks quickly vanished as if they where never there - its like they where purposefully covered up by a different story.
I’m sorry, the free market allocated that cash to efficient uses.
They could have done this AND universal healthcare. Universal Healthcare would actually save us money allowing us to put more into useless BS like Meta VR.
There's something wrong with anyone who doesn't find that image disturbing.
Brrr.
This is an amount that would cover university tuition for all American students for a year.
And some of the money did cover tuition. It may have been a loss to meta, but a lot of people received benefit from it.
read one ai llc he paid 45b for was a total scam. posted a few months back; sigh; https://futurism.com/scale-ai-zuckerberg-incompetence
Has no one commented on the side eye - “what the feck am I doing working for this idiot?”