Facebook's new business plan: Locate more young people in the metaverse

Mark Zuckerberg has a new remedy for what's ailing Facebook: Ditch older users and refocus the company on serving Generation-Z, while encouraging them to buy virtual items in the emerging "metaverse".

"We are retooling our teams to make serving our young adults our North Star rather than optimizing for the larger number of older people," the Facebook CEO told investors in a call on Monday, defining young adults as those aged 18 to 29.

"Over the last decade, as the audience that uses our apps has expanded so much, we focused on serving everyone," he added. "Our services have gotten dialed to be the best for the most people who use them rather than specially for young adults."