The company has a very long way to go.

An insider report published by The Wall Street Journal in 2022 found that Horizon Worlds had only around 200,000 monthly active users less than a year after launch. And now, three years later, the term metaverse has largely disappeared from the public conversation, with Google Trends noting a sharp fall in searches for the term after 2022.

To make matters worse, Reality Labs is hemorrhaging cash, racking up $58 billion in operating losses since 2020.