META will remain a broken company until Zuckerberg allocates the same passion toward repairing the core business as he has allocated toward building the metaverse. However, I have never met an entrepreneur that felt equally passionate about a shiny new object AND a repair job. Therein lies the rub. Zuckerberg’s interests have clearly evolved.
- META’s core Facebook/Instagram/WhatsApp business and the VR/metaverse initiative ought to be pursued separately. Rather than bleed the core business of capital to fund the metaverse initiative, Zuckerberg and the Board ought to figure a path to split the company into two distinct businesses. A new CEO and management team to lead the core business while Zuckerberg leads the metaverse business.
- The metaverse business ought to be a private company funded by venture capital and Zuckerberg stock sale proceeds. The time to have done this was months ago when the company was renamed META, prior to reporting messy operating results.
- The timeline ought to be Zuckerberg first securing venture capital before announcing the plan and any stock sales. I believe it would be easier to secure the venture money – even in today’s capital markets environment – than it would be to find a qualified management team to run the core business.
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