FOX Business’ Stuart Varney argues that Facebook CEO Mark Zuckerberg is leading his company “into the ditch” after his company’s value dropped by $251 billion.
About a year after Facebook CEO Mark Zuckerberg rebranded his company to Meta Platforms Inc. and shifted its focus to the metaverse, the transition is struggling to take off, internal documents show.
Horizon Worlds, a free virtual reality online video game developed by Meta Platforms Inc., has not met internal performance expectations, The Wall Street Journal reported.
Internal documents obtained by the outlet show that Meta has set a goal of 500,000 monthly active users by the end of this year, though Zuckerberg said it would take the company years to fully achieve the transition to the Metaverse , the company revised the forecast to 280,000.
The current number of users is less than 200,000 according to the Wall Street Journal.
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Mark Zuckerberg speaks via video at the 2022 SXSW Conference and Festivals at the Austin Convention Center on March 15, 2022 in Austin, Texas. (Samantha Burkardt/Getty Images for SXSW/Getty Images)
The documents show that most Horizon users typically stop using the app after the first month, and that the user base has steadily declined since the spring.
Meta’s popular social media products, including Facebook and Instagram, serve more than 3.5 billion average monthly customers compared to Horizon’s current numbers, which is less than the population of Sioux Falls, South Dakota.
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Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg speaks during the Meta Connect virtual event in New York, USA. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
The Wall Street Journal reported that Horizon’s vast collection of virtual spaces, where users pose as avatars and interact with others around the world, are underused and only 9% of creator-built worlds are visited by at least 50 people, with many are never visited at all.
Complaints about “bugs” in the platform forced Meta to “lock down” Horizon last month, meaning new features are on hold until glitches are fixed, the outlet reported.
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Facebook’s meta logo can be seen at the company’s headquarters in Menlo Park, California. (AP Photo/Tony Avelar, File/AP Newsroom)
Meta stock is down more than 60% over the past year, The Wall Street Journal reported, which comes with the company losing more than $700 billion in market value since September 2021.
This week, Zuckerberg unveiled a new virtual reality headset called the Quest Pro, which he says will set new standards in the world of Metaverse technology at a price of $1,500 each.
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Meta did not immediately respond to a request for comment from Fox News Digital.
