The metaverse doesn’t have legs… literally. Meta has spent $15B+ on its metaverse, but Horizon Worlds had only about 300K users as of February, and its avatars still don’t have legs. Last week Meta dropped a leg teaser — but admitted it was made using motion capture (read: fake digi-legs). Meta also launched a $1.5K VR headset and a Microsoft remote-work partnership (think: metaverse Excel). But meta-investments are expected to lose $$ for years. Meta’s cutting staff as growth slows (a first), and shares are down 60%+ this year. Zuck put it best: “Legs are hard.”
The gig is up… On Tuesday the US Labor Department announced a proposal that could classify millions of gig workers (think: delivery drivers, janitors, and home-care aides) as employees rather than independent contractors. The final rule is expected next year and would likely boost gig workers’ pay and benefits, while hurting the gig-dependent biz models of companies like Uber, Lyft, and DoorDash. And unlike California’s AB5 bill, this rule would have consequences nationwide.