I think back when Occulus was a thing and Carmack was involved, Zuckerberg thought it was just cool and bought it because it would've been fun. A complete guilty (and kinda expensive) purchase. There was no way from the get-go to make it profitable. Nobody wanted to see ads in their eyeballs. But he did it anyway. Maybe he thought they could branch into gaming, but somehow that dream died. Now 8 years later Carmack is gone and VR hasn't really progressed beyond chat rooms. They're left scrambling for ideas as their valuation is tumbling. They tried rolling their own crypto and that shit failed hard. People already have instagram, and whatsapp is slowly eroding in the west. A dumb little rebranded music app is eating their lunch.
"What can we do?"
"What about facebook, IN VIRTUAL REALITY?"
Because absolutely the last thing anyone wants to do is see their dreary fucking facebook feed in 3d. So here we are, a rename later, somehow thinking that will do anything. The last hurrah is to pretend we somehow operate as a parent company with independent subsidiaries because our brand is so toxic that years of bad press and a myopic pivot of our core product has finally caught up to us.