Economics/Class Relations

The metaverse is dead

 View in browser
May 14, 2023
Hi, I’m Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today’s Sunday edition, a roundup of some of our top stories. Happy Mother’s Day to anyone celebrating today.


On the agenda:

But first: I break down some of our most recent award-winning journalism below.
If this was forwarded to you, sign up here.

Award-winning work

Hokyoung Kim for Insider
Insider won in seven categories at the New York Press Club Awards last week. Here’s a recap of some of our award-winning journalism:

RIP metaverse

Robyn Phelps/Insider
After just three years, the metaverse has died — and ChatGPT killed it.

It was once the buzzy obsession of the tech world, Ed Zitron writes. But a lack of a coherent vision for the product put it on a downward trajectory. Then, when the next big wave of excitement washed over the industry — generative artificial intelligence — the metaverse’s fate was sealed.

Despite its short life and ignominious death, the metaverse offers us a glaring indictment of the industry that birthed it.

Read the metaverse’s obituary.

Sky-high rent
Tyler Le/Insider
At the start of the COVID-19 pandemic, rents were in free fall as people fled crowded urban centers. But almost as quickly as they fell, prices began soaring again.

Residents are now asking the question: If so many people left, why is my rent still so expensive? New research has a startling answer: People got sick of living with each other.

Why rents are still high.

Also read:

Who will succeed Larry Fink?
Michael M. Santiago/Getty Images
Wall Street has long been fascinated by succession stories. One of the most pressing is at the investment giant BlackRock.

CEO Larry Fink, now 70-years old, has the rare distinction of leading a Wall Street behemoth he helped found.

Insiders view a group of roughly seven executives as possible replacements, including a couple of under-the-radar candidates.

Inside BlackRock’s succession saga

Also read:

Microsoft leaks
GERARD JULIEN/AFP via Getty Images
An internal email from CEO Satya Nadella showed Microsoft planning to halt raises and cut its bonus and stock-awards budget.

In a separate leaked email, Microsoft’s chief people officer, Kathleen Hogan, instructed managers to give fewer employees “exceptional rewards,” adding that “more will need to be at the middle of the range.”

Read Hogan’s full email here.

Plus, check out:

“It was an unmitigated disaster.”
— A former CNN executive who was granted anonymity to speak openly about the network’s town hall with former President Donald Trump.

Wells Fargo, Zoom, & more


Keep up with Insider

  • Get Insider’s app and notifications to be the first to find out about the stories you want to know — from tech to business. Download it here.
  • Become an Insider subscriber to get actionable, high-value news and insights to improve your career, company, and community. Subscribe here.
  • Want more of Insider in your inbox? Sign up for our newsletters here.
This edition was curated by Matt Turner, and edited by Lisa Ryan and Hallam Bullock. Get in touch:

Leave a Reply