While Meta laying off more than 11,000 of its employees has sent shock waves through the big tech world, after the large-scale layoffs on Twitter, it has turned the spotlight on the company’s ambitious project: the metaverse.

Mark Zuckerberg expected the pandemic-induced online commerce to stick around for a longer period. But her expectations of him were misplaced. He admits that his revenue growth calculations were wrong.

“At the start of Covid, the world moved rapidly online and the rise of e-commerce led to outsized revenue growth. Many people predicted that this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not go as expected. Nope…