Lasso was a short-video sharing app from Facebook similar to TikTok that was launched on iOS and

Android in 2018 and was aimed at teenagers. On July 2, 2020, Facebook announced that Lasso
would be shutting down July 10.[46][47][48]
In 2018, the Oculus lead, Jason Rubin, sent his 50-page vision document titled "The Metaverse" to
Facebook's leadership. In the document, Rubin acknowledged that Facebook's virtual
reality business had not caught on as expected, despite the hundreds of millions of dollars spent on
content for early adopters. He also urged the company to execute fast and invest heavily on the
vision, to shut out HTC, Apple, Google and other competitors in the VR space. Regarding other
players' participation in the metaverse vision, he called for the company to build the "metaverse" to
prevent their competitors from "being in the VR business in a meaningful way at all".[49]
In May 2019, Facebook founded Libra Networks, reportedly to develop their
own stablecoin cryptocurrency.[50] Later, it had been reported that Libra was being supported by
financial companies such as Visa, Mastercard, PayPal and Uber. The consortium of companies were
expected to pool in $10 million each to fund the launch of the cryptocurrency coin named
Libra.[51] Depending on when it would receive approval from the Swiss Financial Market
Supervisory authority to operate as a payments service, the Libra Association had planned to launch
a limited format cryptocurrency in 2021.[52] Libra was renamed Diem, before being shut down and
sold in January 2022 after backlash from government regulators and the public.[53][54]