Facebook has major ambitions in the metaverse space, and now the company has put a dollar amount to it: $10 billion. That's how much Facebook plans to spend this year alone on creating the metaverse as the company transitions from a social media company to a metaverse company.
Mark Zuckerberg told investors that Facebook will not make money on this investment right away, but it's about setting the company up for success down the road.
"This is not an investment that is going to be profitable for us any time in the near future," Zuckerberg told analysts, as reported by Reuters. "But we basically believe that the metaverse is going to be the successor to the mobile internet."
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