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How Mark Zuckerberg lost $60 billion in five years

At the Meta Connect developer conference, CEO Mark Zuckerberg shows off prototype of computer glasses
The Reality Labs division at Meta, which makes tech like the Orion headset Mark Zuckerberg showed off in September 2024, has racked up more than $60 billion in losses over five years.

picture alliance/Getty Images

  • Have you bought a virtual reality or augmented reality headset?
  • If so, you're part of a small group of consumers β€” despite repeated predictions that the market will boom.
  • Meta alone has lost $60 billion on this tech over five years. It's going to keep spending, says Mark Zuckerberg.

Mark Zuckerberg has spent tens of billions of dollars chasing it. Some of the biggest names in tech, including Apple, Microsoft, Google and Sony, have poured in billions more. For years.

But so far, no one has nailed it.

Maybe one day wearing computers on our heads will be something many of us do all the time, instead of a novelty we try a few times and then forget. We're not there yet.

It doesn't matter whether you're talking about super high-end devices like the Apple Vision Pro or low-priced novelties, like early editions of Snap's Spectacles. Or whether you're discussing virtual reality devices that create an entirely new world around the user or augmented reality headsets that let you see the outside world as well as digital images. All of these devices have yet to take off. Consumer demand isn't budging.

That hasn't stopped the tech industry from trying. Or deterred people around the tech world from predicting that one day, this will be a huge market.

You can see this spelled out in a new chart from analyst and investor Matthew Ball, as part of a new report he's released on the problems in the video gaming business. This one tracks the gap between projected headset sales, as estimated by International Data Corp., and actual sales.

Chart showing difference between projected VR/AR headset sales and actual sales
Industry sales of AR and VR devices have remained quite flat β€” despite continual predictions that they would boom.

Matthew Ball/Epyllion

As you can see, while IDC has been continually bullish about VR and AR headsets, consumer interest has lagged far behind. No matter what's on offer, at whatever price, these devices seem mired in the 10 million units a year or less range.

That's not to suggest that Zuckerberg β€” who has racked up more than $60 billion in losses on this tech over the past five years, filings show β€” is chasing after the market because of an IDC estimate. It just shows you that for close to a decade, the industry has been excited about this stuff, while many consumers remain unimpressed.

I talked to Jitesh Ubrani, the IDC researcher who works on this stuff, about the gap between his company's projections β€” which, to be fair, are projections β€” and reality.

He said his shop has become less optimistic over time about the market, which you can see reflected on the right side of the chart.

"Everyone is a bit more realistic about these expectations," he said, noting that the market for the tech has been "notably volatile" over the past few years, as big players like Microsoft and Google temper their interest in headsets. Meta PR declined to comment.

In his public comments, Zuckerberg has been telling investors that he'll continue chasing virtual and augmented reality tech, and that they should expect to see more losses in the future.

For him, the stakes seem quite clear: He wants people to use a new computing platform instead of, or in addition to, phones. And he wants to be able to interact with them on that platform without Google or Apple getting involved, as they do with their mobile platforms. And if all of that happens β€” meaning that Zuckerberg essentially creates the next iPhone β€” then burning tens of billions on R&D will seem like a good bet.

Meanwhile, Meta does seem to be making progress. The Orion glasses Zuckerberg showed off last fall β€” but isn't selling yet β€” are super-impressive. I've tried them, and I could definitely imagine using some version of them if they were way cheaper, and worked as advertised.

But those are big ifs, and it's possible Meta never figures out how to make these things at scale, and in a way that will sell hundreds of millions of units per year β€” like Apple does with its phones. But someone, somewhere, will keep insisting that the headset of the future is just around the corner.

Read the original article on Business Insider

I got hired at Google and Meta as an average candidate by finding the 'third door.' There's an alternative way into Big Tech.

Silhouette of a man walking through a doorway.

Agdekon Media Visuals/Getty Images

  • Discovering 'The Third Door' led to career success at Google and Meta for Andrew Yeung.
  • The concept involves finding unconventional paths to achieve goals and stand out.
  • Yeung used four steps to find the "third door" and launch a successful tech and hospitality career.

Up until a few years ago, I thought I was going to have a mediocre career.

School was difficult for me. Math, English, and science were hard. I didn't think I was terribly smart, and I had below-average grades all the way from middle school up until the point I graduated from college.

It wasn't because I didn't try. In fact, I tried pretty hard. My brain just couldn't grasp basic STEM concepts. Beyond that, I lacked the typical traits associated with success, like charisma, confidence, and genius-level intelligence.

No matter how hard I pushed myself, my results were always below average. I'd spend hours studying in school, only to end up with bad grades. This pattern repeated itself throughout college, where I'd spend months applying to jobs without any kind of response.

I realized I needed to change things up, or I'd end up with below-average results for the rest of my life. I had to stop doing what everyone else was doing because it wasn't working for me.

Everything changed for meΒ in 2019 when I came across Alex Banayan's book, "The Third Door." It completely transformed how I did everything and eventually helped me land lead roles at Google and Meta.

What is "the third door"?

Picture yourself trying to enter an exclusive nightclub. There are three doors: one general entrance that everyone goes through, a second door for the VIPs and celebrities, and aΒ thirdΒ doorΒ that nobody tries.

After learning about this idea, I made it a habit to solve every problem by finding the third door.

I became almost allergic to conformity, ignoring common wisdom. Whenever I saw someone do something a certain way, I would try to do it differently, and I was convinced that there was always an easier, unconventional, non-obvious way of getting things done.

Here are the four things I started doing to improve my likelihood of having a fulfilling, high-growth career.

1. I started creating magnets to attract the attention of decision-makers.

I always had trouble getting into the room, whether it was an interview room with the hiring manager, a private dinner with executives, or a boardroom with decision-makers. To get into the room, you often had to know the right people, have a top-tier rΓ©sumΓ©, or be exceptionally smart or charismatic. I was none of these, so I realized I needed to create the room myself.

Instead of trying to get into the private dinners with CEOs, I hosted my own.

Instead of trying to get on stage and grab the attention of business leaders, I created my own stage and invited leaders I wanted to speak alongside.

Instead of chasing people, I learned to create valuable things that would attract the attention of those I wanted to meet.

2. I started differentiating myself with my speed of execution.

Throughout my career, I've used my execution speed as a competitive advantage, and it's always paid off.

By replying to her email within 10 seconds, I landed an internship with the CEO of a company with over 20,000 employees.

At Facebook and Google, I had the opportunity to work on the highest visibility projects because I was the first person to raise my hand.

I've also made introductions within a minute of being asked. Being faster is the easiest way to differentiate yourself.

3. I started investing in decadelong relationships when everyone else focused on transactional relationships.

In the last few years, I've interacted with thousands of people, and I've observed that most people take a shortsighted approach to building relationships, especially in fast-paced, metropolitan cities like New York and San Francisco.

It makes sense β€” there's a high density of remarkable people, giving you what seems like infinite options for relationships, but in reality, this false sense of optionality can hurt you.

Early in my career, I was rejected by dozens of hiring managers. Each time, I accepted the rejection with grace, thanked them for their time, and offered to provide value by introducing them to other candidates. Eventually, it came back around.

I graduated from the University of Toronto with a degree in finance and economics. My first job out of schoolΒ came after I was rejected from a company's internship program. I took this opportunity to build a relationship with their hiring manager and nurtured that relationship for over a year.

My path into Facebook was from a cold outreach that turned into a mentorship relationship lasting over three years, and my entry point into Google came from building a long-term relationship with someone I met spontaneously.

The strongest professional relationships are built when you think in decades.

4. I started giving without the expectation of return.

My strategy for gaining access to job opportunities, CEOs, and influential people has always been volunteering my greatest asset: my time. It's been my trojan horse for opening doors, building relationships, and accessing larger opportunities.

In my early 20s, I knew nothing about startups and tech, so I pitched myself to the CEOs of early-stage companies, offering my help and suggestions. Eventually, a few people took me on, and it became my method of breaking into the tech world as a non-tech person. This approach helped build my personal brand as a young, helpful, and hungry operator.

The third door helped me succeed

These four habits eventually enabled me to get access to opportunities, build relationships with prominent tech leaders, and "break" into tech without good grades or a strong rΓ©sumΓ©.

In reality, I see myself as an average person who isn't particularly gifted or exceptionally smart in a specific area, but I've managed to find some success by discovering the unfair advantages that are uniquely suited to me.

Andrew Yeung is a former Meta and Google employee who now throws tech parties through Andrew's Mixers, runs a tech events company at Fibe, and invests at Next Wave NYC.

Read the original article on Business Insider

My mom says I waited too long to have kids because she's now an older grandparent. It was the perfect time for me.

The author with her whole family and her parents out in nature for a hike.
The author's mom wishes she started having kids earlier.

Courtesy of Melissa Noble

  • My mom always wanted grandkids, but my siblings and I all had them later in our lives.
  • Now that she's an older grandparent, she has less energy to play with her grandkids.
  • I had my kids at the perfect time for me, and I have no regrets.

When my partner and I found out I was pregnant with our first child, I couldn't wait to tell my mom. After all, it was the news she had been wanting to hear for years.

My mom has always loved children, and as a mother of four herself, she had hoped that one of her kids would give her a grandchild to love sooner rather than later. Unfortunately, my siblings and I were all late to the parental party, and Mom had to wait a long time before it eventually happened.

My oldest sister was the first sibling to have a child at age 40. By then, Mom was 64 and still full of energy. She took on the role of 'Nana' with zest. However, my sister's family lives in South Africa, and I think Mom was dying for more grandchildren closer to home in Australia.

When I got pregnant, I knew life was about to change

Three years later, when I was 29, I unexpectedly got pregnant. I remember feeling overwhelmed at first and a little daunted about how much my life was about to change, but I also felt ready to settle down. I'd been with my partner for eight years at that point, and I knew I wanted to spend the rest of my life with him, so starting a family wasn't that much of a leap.

I was also happy about the fact that the baby was due just after my 30th birthday. I'd always wanted the focus of my 20s to be on my career and travel. I'd ticked both of those boxes β€” working as a news reporter at various points in my 20s and traveling the globe for three years satiating my travel bug. Looking back, I think I might have resented it later if I hadn't achieved those goals before having children.

The author's mother sitting on a bench with three of her grandchildren.
The author's mother loves playing with her grandchildren.

Courtesy of Melissa Noble

My parents were so excited, and my mom flew down to help after I gave birth

Around the 12-week mark of my pregnancy, my parents flew down from the Gold Coast in Queensland to Melbourne, where my partner and I lived. I'd printed off a photo of myself as a toddler and written a note saying, "Version two: coming soon." Naturally, Mom was over the moon. "I can't believe my baby is having a baby," she said, hugging me tight.

When our son was born six months later, she was incredible. She flew down and stayed with my husband and me for seven weeks while we adjusted to parenthood. It was a special time and I'm so grateful for her support.

My parents are older grandparents, but I had kids at the right time for me

After the birth of our son, my other siblings ended up giving Mom more grandchildren β€” she now has seven in total. While she loves them all dearly, she struggles to keep up with them physically, especially the younger ones. She's now 76 and often says she wishes we hadn't waited to have kids so late because now she's an older grandparent.

Being an older grandparent means Mom doesn't have the energy she once had. She loves spending time with our kids and will happily read a book to our toddler or play chess with our nine-year-old son. But she can no longer leap around in the pool with them or hike up mountains with us, and at times, that does make me sad.

Everyone has a different idea of how they want their life to look, and for me, 30 was the right time to become a mother. Instead of focusing on the fact that my parents are getting older and the limitations their age places on them as grandparents, I'm trying to enjoy the time we do have together. The most important thing to me is to make memories that will sustain us for the long haul. We will cherish those forever.

Read the original article on Business Insider

I lost my home to the Altadena wildfires. These are the logistics I never even considered until my entire neighborhood disappeared.

Gale Sinatra and her residence after the fire in Altadena.
Gale Sinatra and her residence after the fire in Altadena.

Courtesy of Gale Sinatra

  • Gale Sinatra, a USC professor, lost her home in the Eaton fire in Altadena, California.
  • She and her husband evacuated before the evacuation order after a neighbor warned them they should.
  • In the days afterward, she struggled to acquire medications and direct mail from loved ones.

This as-told-to essay is based on a conversation with Gale Sinatra, Ph.D., a professor at USC Rossier School of Education, based in Altadena, California. The following has been edited for length and clarity.

My husband and I lost our home, neighborhood, and community in Altadena to the Eaton Fire.

I've been asked, "How are you doing?" and that question is hard to answer. It's been a very heart-wrenching week.

I didn't just lose my home, but my neighborhood is gone. It's such a massive loss that it's difficult to wrap your head around.

We had no idea it was coming

The Eaton Fire was completely unexpected. In 2020, a wildfire threatened our neighborhood, and I packed suitcases with clothes, documents, and family and wedding photos. I felt fully prepared. I know how to react to the threat of Southern California wildfires.

The Eaton Fire started at about 6:15 p.m. on January 7, when a resident saw an electrical tower on fire. There was a strong wind advisory, and we lost power.

At 7:30 p.m., my husband and I were playing cribbage at the kitchen table, lit by a camp light. I looked up and saw my neighbor running across the street with a flashlight and thought, "That can't be good." When he reached our home, he asked if I had looked up at the mountain near us. I hadn't. He said, "It doesn't look good. We're leaving, and I think you should, too."

Being 40 miles across Los Angeles, the Palisades fire was not a threat to us, and there were no evacuation orders near our neighborhood at that time.

I grabbed as much as I could but forgot a few important things

We walked through our house using the flashlight feature on our phones to see what was in front of us. It's easy to look back and think, "Why didn't I pack my house title?" but when you're panicking and trying to get out as fast as you can, it's a feat to have packed anything.

I grabbed clothes, our passports, my makeup bag, and other necessities for an overnight trip. I thought the fire would stay in the mountains, which wildfires have always done.

What began as a structure fire spread to over 200 acres in 75 minutes. About 30 minutes after we left, our neighborhood was under an evacuation order. By midnight, the fire had reached 1,000 acres.

I forgot to grab my medications and could not contact our local independent pharmacy. I heard rumors that it burned down, which seemed probable, considering nobody was manning the phones.

I had to call my doctors to re-send the scripts to an open pharmacy, but I had just refilled my medications the week before, so there was pushback from my insurance. Once the prescriptions were finally approved, the CVS Pharmacy my doctor sent them to didn't have electricity and could not fill them. I found another CVS Pharmacy with power, and they told me it had been refilled at the CVS without power.

When we finally could refill our prescriptions, we found out our local pharmacy had not burned but was out of power and inaccessible by staff.

The insurance process that comes next is daunting

On the morning of January 9, I watched in horror as CNN broadcast live from my street. It looked like a bomb had hit it. My home was completely gone, along with so many others.

When you lose your home, there are a thousand things to do to start the process with your insurance company, obtain lost documents and paperwork, find new housing, tend to your physiological needs, and get back to your life. Refilling our medications was just one thing on our towering to-do list, and that single task took days to complete.

To submit claims to my insurance, I need to provide documents such as my home title, which I didn't collect while running out of my house. Where will documents and paperwork be sent since my home and our local post office have burned down?

I don't know where to direct my loved ones who want to help

I have very caring friends who would like to send me essentials, such as clothes, but I have no address to provide them. I have applied to reroute our mail to a post office in Pasadena, but I don't know how long it will take.

Thankfully, a colleague of mine has an ADU unit we could stay in for a few days. We're looking for permanent housing in the area, and while there are many helpful resources to help those impacted find temporary housing, it feels like we are on our own for long-term leases. It will be a long road ahead.

For those looking to help, donating to the community is very appreciated. I've been impressed with World Central Kitchen, which also needs donations. There are many local resources for our community, and donations, especially monetary, go a long way.

Read the original article on Business Insider

How Starbucks, Disney, and other companies are reacting to the LA fires

A McDonald's location is surrounded by embers while a palm tree outside burns in Pasadena, California.
A McDonald's restaurant in an area affected by one of the fires in Los Angeles

JOSH EDELSON / AFP

  • Companies are offering support to their employees and others affected by the Los Angeles wildfires.
  • The deadly flames have burned thousands of acres and sent hundreds of thousands fleeing.
  • From planning a benefit concert to serving free Happy Meals, here's what companies are doing.

The wildfires in Los Angeles have claimed 24 lives as of Thursday, burned thousands of acres and homes, and sent hundreds of thousands of people looking for shelter.

The disaster has prompted many major companies to adjust their operations β€” and donate to relief efforts.

Here is a roundup of the actions that major businesses are taking in the wake of the fires.

Amazon

Amazon is donating $10 million in fire relief efforts in the Los Angeles area, the company said on Monday. The funding will come from Amazon's entertainment division, which includes Amazon MGM Studios, as well as Ring and Whole Foods Market.

Among Amazon's donations so far are respirators and gloves for clean-up efforts to the American Red Cross, as well as food donations from Amazon Fresh to local groups feeding fire victims.

Apple

Apple CEO Tim Cook said Wednesday that the company would "be donating to support the victims and recovery efforts on the ground" in a post on X.

Apple did not immediately respond to a request for comment on the size or other details of the donation.

Comcast NBCUniversal

Comcast NBCUniversal donated $10 million to relief efforts, the company announced Monday. Benefiting organizations included the American Red Cross, the Entertainment Industry Foundation SoCal Fire Fund, the Los Angeles Fire Department Foundation, the Los Angeles Regional Food Bank, and the YMCA of Metropolitan Los Angeles.

"We stand ready to support our employees and the broader Los Angeles community as we recover and rebuild from these tragic events," Comcast chair Brian Roberts said in a statement.

Disney

Hundreds of Disney employees, including CEO Robert Iger, had been evacuated from their homes as of Monday, while 64 had lost their houses, The New York Times reported on Tuesday. Disney has approved $15 million for "community services and rebuilding efforts," the Times reported.

Disney's movie production, however, hasn't slowed down, the Times reported. The company's movie operations in Burbank are far enough from the fires. Lots for Sony Pictures, Paramount Pictures, Netflix, and other entertainment providers are also not currently threatened by the fires.

Disney did not immediately respond to a request for comment from Business Insider.

Google

Google and its philanthropic division "are supporting relief and recovery efforts with grant funding and an internal giving campaign for employee donations and company gift match," the company said in a post on Thursday.

The tech company also said it was providing details about the fires, such as the boundaries of affected areas, on Google Maps. It was also working with the Hotel Association of Los Angeles so that search engine users affected by the fires could find free or discounted places to stay.

Live Nation

Entertainment company Live Nation is planning a benefit concert called "FireAid" for January 30 at the Intuit Dome in Inglewood, California, Variety reported on Friday.

While the performer lineup is not public yet, proceeds from the concert will go to rebuilding and supporting victims as well as preparing for future fires, according to Variety.

Live Nation didn't respond to a request for comment from BI.

Mattel

El Segundo, California-based Mattel said in an Instagram post on Sunday that it would support nonprofits doing relief work for the fires through the Mattel Children's Foundation.

"Our thoughts are with all who are suffering during this unprecedented crisis in our headquarter city," the post reads.

McDonald's

McDonald's restaurants in Southern California are giving out free Happy Meals to first responders and people who have had to leave their homes, according to a website that the chain set up for the offer. The deal is good through Thursday, and patrons have to use the McDonald's app to order.

Paramount

Paramount is donating $1 million to organizations that support firefighting and relief efforts, per an internal memo sent out by its co-CEOs on Friday and obtained by Business Insider.

The company is providing support for impacted employees in the form of cash grants via its Employee Assistance Fund (EAF), as well as offering lodging and temporary housing.

Paramount will also match all employee donations to charities, including the EAF, wrote co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins.

Netflix

Netflix co-CEO Ted Sarandos announced that the disaster had impacted "many" of its employees and creative partners.

As a result, Netflix is donating $10 million to five organizations: the Los Angeles Fire Department Foundation, California Community Fund Wildfire Recovery Fund, World Central Kitchen, Motion Picture and Television Fund, and Entertainment Community Fund.

It's also assisting impacted employees with temporary housing and double-matching all employee charity contributions, Sarandos said.

Snap

Snap founder Evan Siegel β€” who grew up in the now-fire-ravaged Pacific Palisades β€” posted a love letter to Los Angeles Monday, sharing that his father's house had "burned to the ground on live TV."

He also said more than 150 Snap employees had been displaced by the fires.

"Snap, Bobby, and I have already disbursed $5 million in immediate aid," Spiegel wrote, referring to cofounder and CTO Bobby Murphy, "and we will do more." He added that the company was helping to feed evacuees and first responders and offering free space.

Starbucks

Starbucks is "temporarily offering catastrophe pay for any missed shifts" to employees whose stores are open but have been displaced due to the fire, the coffee chain told Bloomberg on Tuesday.

Starbucks didn't respond to a request for comment from BI.

Read the original article on Business Insider

A United Airlines 737 Max took a 40-minute flight to nowhere after hitting a coyote on the runway

A United Airlines plane on the ground.
A United Boeing 737 Max 9.

Nicolas Economou/NurPhoto via Getty Images

  • A United Airlines plane hit a coyote during departure, the FAA and the airline confirmed.
  • The Boeing 737 Max turned back to Chicago and landed 40 minutes after departing.
  • The probability of wildlife strikes has risen "dramatically" in recent years due to quieter planes.

A United Airlines plane embarked on a 40-minute flight to nowhere after hitting a coyote on the runway.

On Monday, theΒ Boeing 737 MaxΒ was taking off from Chicago O'Hare Airport, bound for Phoenix, when the incident occurred.

The Federal Aviation Administration reported that the aircraft "struck a coyote on departure." It added that the plane's right nose gear was damaged.

It was classified as minor damage, per the FAA's notice.

United confirmed the incident to Business Insider, saying the plane, operating as Flight 1727, "safely returned to Chicago O'Hare International Airport to examine the aircraft after its landing gear struck a coyote during takeoff."

The plane had 167 passengers and six crew on board, United said. There were no injuries reported.

Data from Flightradar24 shows that the plane took off normally, climbing to around 6,000 feet before U-turning.

It looped around twice before landing back in Chicago about 40 minutes after taking off.

Audio recordings archived by LiveATC.net show air traffic control confirming to the pilots that equipment was standing by to inspect the aircraft upon landing.

The incident wasn't too disruptive for the airline as the same 737 Max took off again four hours later, per Flightradar24.

The Chicago Department of Aviation did not immediately respond to a request for comment from Business Insider.

Airports have wildlife management plans because animals can pose risks to aircraft β€” although birds are usually the main concern.

The FAA says the probability of wildlife strikes has "increased dramatically" in recent years, not only due to increased animal populations but also because newer planes have much quieter engines.

Read the original article on Business Insider

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