These top Wall Street internet analysts are cheering Facebook's new Meta name and Metaverse pivot as a bold move, as long as Mark Zuckerberg can execute on his vision
The company is spending so much on the initiative that it's hard to dismiss the plan as just a way to avoid"The breadth and depth of innovation done to date behind metaverse is truly mind-boggling, and we think Facebook has spent more than $30 billion on its Reality Labs initiative over the past eight years," Rohit Kulkarni of MKM Partners said, referring to the company's new metaverse business unit.
Speaking of Google, Mark Mahaney of Evercore ISI said the Meta rebranding was different from Google's 2015 Alphabet reorganization. That earlier move let Google founders Larry Page and Sergey Brin step back from the company to focus on riskier, earlier-stage investments, while Facebook's pivot is"much more meaningful," the analyst said.
Zuckerberg is certainly not taking a step back — he's leading Facebook's next Meta chapter in a very hands-on way. Mahaney said that Zuckerberg was"likely to be the longest-lasting Founder/CEO in Big Tech" and that the success of the metaverse came down in large part to"how well Zuckerberg can execute." Kulkarni said he expected him to stick around for another decade at least, if only to see the metaverse through.
"Facebook's track record of innovation is impressive, and they are going in heavily on this single initiative, unlike Google, who took a VC approach to making many smaller bets," Mahaney said.
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