Mark Zuckerberg's Metaverse A 'Project Car' That's 'Not Good,' 'Not Fun,' Says Oculus Founder - Meta Platforms (NASDAQ:META)

Meta Platforms Inc.‘s META ex-employee and Oculus founder Palmer Luckey has compared Mark Zuckerberg‘s Metaverse to a “project car.”

What Happened: On Monday, during The Wall Street Journal conference Tech Live, Luckey made some explosive remarks about Horizon Worlds, Meta’s flagship core metaverse product, according to Business Insider.

“It’s not good, it’s not fun. Most people on the team would agree it’s not a good product. It is terrible today, but it could be amazing in the future,” said Luckey.

Comparing it to a “project car,” Luckey said, “you hack at it, and maybe no one else sees the value. Will they stumble? Yeah sure. Will they waste money? Will they add things to their project car that they later hack off? Yes.”

Luckey further went on to say, “Zuckerberg will put the money in to do it. They’re in the best position of anyone to win in the long run.” He added that the Meta CEO is the number one virtual reality in the world.

Luckey was fired from Facebook in 2016.

Why It’s Important: In 2014, Facebook bought Oculus for $2 billion. It was part of an investment of over $15 billion in the metaverse. Meta lost $10 billion on Reality Labs, the division covering all metaverse projects, including Oculus, renamed Meta Quest, said the report, adding that Wall Street analysts expect Meta to lose more than $10 billion again this year.

Meta hopes to create a multibillion-dollar consumer market in the metaverse. For the next 10 years, it has pledged to invest $10 billion annually in the immersive virtual world with avatars.