December 1, 2022

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Zuckerberg's Meta Pivot 'Totally Weird'

Zuckerberg’s Meta Pivot ‘Totally Weird’

  • “There’s something totally weird” about Mark Zuckerberg’s Metaverse hub, said Barry Diller, founder of IAC.
  • The billionaire questioned Zuckerberg’s decision to focus on technology that “did not exist yet”.
  • Meta has given up more than 70% of its value since the founder of Facebook changed its name.

Media mogul Barry Diller put some tough words on Mark Zuckerberg on Monday.

The founder of IAC, an internet and media conglomerate, said he had “high respect” for Zuckerberg, but questioned the Facebook founder’s decision to switch to the metaverse, a digital world in which users interact via avatars.

Diller made billions In establishing and investing in major media companies such as Expedia Group, Fox Broadcasting Company and USA Broadcasting. The 80-year-old has a net worth of about $3.8 billion Forbes list of billionaires in the world.

Diller said in a message Interview with Squawk Box on CNBC.

A Meta spokesperson did not respond to a request for comment prior to publication.

After changing the name of Facebook’s parent company to Meta last year, Zuckerberg did so I fixed Facebook with a vision to create a world where people communicate in a digital world using virtual and augmented reality devices. The founder of Facebook has died 15 billion dollars So far on the project and He said One day the metaverse will be the way people “interact with the world”.

But, critics He said the technology doesn’t exist yet. Competitors like Snap and Apple have step away of the term. Meta Horizon World’s Avatars They don’t have legs yet Many users have moved to social networking sites to Weak meta graphics simulation.

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At the same time, Meta’s value plummeted amid Zuckerberg’s push into the metaverse as the company did shed More than 70% of its value since the founder of Facebook first announced changing the name. Last month, shares meta I retreated 24% after the company missed its earnings targets and Zuckerberg He said He intends to spend billions more on the metaverse next year – a decision that has left some investors reeling.

Ultimately, Diller said, Zuckerberg would find more success if he stuck to Facebook’s original vision.

“If he just takes care of his core business, I think it’s all right,” Diller told CNBC. “These companies are great. They’re great. I mean, they’re built from nothing, they’re just great businesses,” he added, noting that Facebook would face huge gains if TikTok is banned in the US – a move he believes is very likely.

Republican lawmakers have been working in recent months to revive Former President Donald Trump’s attempt to ban TikTok due to fears that US data could end up in the hands of the Chinese government. Last week, Federal Communications Commissioner Brendan Carr Axios said Regulatory bodies such as the US Board of Foreign Investment should take action to block the app owned by Chinese media company ByteDance.

In Meta, Zuckerberg owns constantly copied The popular video app, which rolls out features like Instagram Reels. In October, Zuckerberg Referred to as TikTok “As a very effective competitor.”

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