Facebook Inc FB said on Sunday it would be creating 10,000 new jobs in the European Union over the next five years.
What Happened: The social media company said the new hirings are aimed at building "the metaverse," — a reference to shared online experiences utilizing technologies such as virtual and augmented reality.
“At its heart is the idea that by creating a greater sense of virtual presence, interacting online can become much closer to the experience of interacting in person,” the company said.
“The metaverse has the potential to help unlock access to new creative, social and economic opportunities. And Europeans will be shaping it right from the start.”
Why It Matters: Facebook CEO Mark Zuckerberg had on the second-quarter earnings call told investors the company would put new emphasis on growing the metaverse.
"In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said at the time.
Facebook in the latest statement said "no one company will own and operate the metaverse," and bringing it to life "will take collaboration and cooperation across companies, developers, creators and policymakers."
The term metaverse was coined in the 1992 science fiction novel "Snow Crash" by Neal Stephenson. The term represents a meeting of the physical world with augmented and virtual reality.
Price Action: Facebook shares closed 1.15% lower at $324.76 a share on Friday.
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