Meta Platforms Inc.‘s META ex-employee and Oculus founder Palmer Luckey has compared Mark Zuckerberg‘s metaverse to a ‘project car’.
What happened: On Monday, during The Wall Street Journal conference Tech Live, Luckey made some explosive comments about: Horizon Worlds, Meta’s flagship core metaverse product, according to to Business Insider.
“It’s not good, it’s not fun. Most people on the team agree that it’s not a good product. It’s terrible today, but it could be great in the future,” Luckey said.
If you compare it to a “project car,” Luckey said, “you hack it, and maybe no one else sees the value. Will they stumble? Sure. Will they waste money? Will they add things to their project car that they later drop out? Yes.”
Luckey went on to say, “Zuckerberg will put the money in to do it. They are in the best position to win in the long run.” He added that the CEO of Meta is the number one virtual reality in the world.
Luckey has been fired from facebook in 2016.
Why it’s important: In 2014, Facebook bought Oculus for $2 billion. It was part of a more than $15 billion investment in the metaverse. Meta lost $10 billion on Reality Labs, the division that covers all metaverse projects, including Oculus, rebranded as Meta Quest, the report said, adding that Wall Street analysts expect Meta to lose more than $10 billion again this year.
Meta hopes to create a multi-billion dollar consumer market in the metaverse. For the next 10 years it has pledged to invest $10 billion annually in the immersive virtual world with avatars.