A big shift is apparently underway in Silicon Valley.

The company that operates the world’s largest and most profitable social media network will not, according to its CEO, be a social media company much longer. In an announcement that inspired a fervid wave of speculation, analysis, and mockery, Mark Zuckerberg proclaimed that Facebook is going to become a “metaverse company” instead.

Facebook will pivot from being a website that is accessed through phones and laptops, Zuckerberg says, to a next generation computing platform where the focus is on a user’s “presence,” and is accessed through VR via Facebook’s Oculus headset, or other Facebook products like Portal. “I think over the next five years or so,” Zuckerberg told the Verge’s Casey Newton, “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

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