(TheLibertyRevolution.com)- In Facebook’s annual shareholder meeting, CEO Mark Zuckerberg admitted that his digital “Metaverse” will likely lose the company “significant” amounts of money over the next three to five years.
Bloomberg reported last week that Zuckerberg told shareholders he planned to heavily invest in the company’s Metaverse which ultimately means the project will be operating at a loss for three to five years.
But Zuckerberg believes that in the long term, the metaverse project will be profitable for Facebook, with revenue coming from a creator economy made up of businesses that sell virtual goods and services in the metaverse.
In the meantime, Zuckerberg told shareholders that the company is betting that its investment in its “Reels” short-form video service, which looks to compete with apps like TikTok, will generate revenue growth.
On Wednesday, Facebook’s Chief Operating Officer, Sheryl Sandberg, announced that she is stepping down from her position with the company after 14 years.
Sandberg and Zuckerberg will work over the summer to transition her responsibilities and she will leave in the fall. She will, however, continue to serve on the board of directors. Javier Olivan, the company’s vice president of central products will replace her as COO.
The Wall Street Journal reported on Thursday that Sandberg had been facing “internal scrutiny” after coming under fire for attempting to coerce the UK Daily Mail into dropping a report about her former boyfriend Bobby Kotick, the CEO of Activision Blizzard.
The Daily Mail had planned to report that in 2014, Kotick had a restraining order filed against him by an ex-girlfriend.
According to the Journal, Sandberg had contacted the Daily Mail twice demanding they kill the stories about Kotick.
Whether that had anything to do with Sandberg’s departure is unclear.
Sandberg said she plans to devote more time to philanthropic work through the Sheryl Sandberg and Dave Goldberg Family Foundation, the organization she established in 2013 that focuses on empowering women in the workplace and helping build more resilient communities.