Facebook parent Meta Platforms plans to provide more details about its vision for the metaverse at an upcoming employee meeting, said a report published Friday. FB stock was down.
According to the online publication The Information, two current unnamed employees referenced comments by Instagram Chief Operating Officer Justin Osofsky that he reportedly made on Meta's internal messaging system. Osofsky reportedly posted on Meta's internal messaging system that the company plans to offer more information on Tuesday about how it will build the metaverse, covering both product and culture, one of the employees told The Information.
Technologists describe the metaverse as the next-generation version of the internet. It's a shared, 3D virtual environment. People can meet in a virtual world to engage in work activities, play games or to simply visit with friends, among other things.
Key pieces of equipment for the metaverse include virtual reality headsets, where Meta plays a leadership role. Meta has made huge investments in Oculus, its virtual reality headset.
Facebook officials did not respond to a request for comment.
FB Stock Down, Collapsed On Earnings
FB stock dropped 3.7% to 219.55, on the stock market today.
Following its quarterly earnings report last week that was short across-the-board, FB stock collapsed by 26.4% in reaction. In the process, its market valuation plunged by more than $232 billion, setting a one-day loss record.
Facebook changed its name to Meta Platforms in October as it set the company's direction into the metaverse.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
