The Big Picture

Vincent Boland: Rarefied air of the metaverse proving too thin for investors

A year after Mark Zuckerberg changed Facebook’s name to Meta, his $30 billion long-term bet on an unknown future has failed to convince even his most stalwart backers

Happy first birthday, metaverse. At the end of October last year, Mark Zuckerberg of Facebook bet the house on something that does not, and may never, exist. He calls it the metaverse, and he is so enamoured with his pet project that he ditched the globally recognised name of his social media company and renamed it Meta Platforms. As he said at the time, “from now on, we’re going to be metaverse first, not Facebook ...