Past GoogleOn Tuesday, CEO Eric Schmidt seemed skeptical MetaFacebook’s former name is now Facebook.

Schmidt stated that “excellent innovation is what I look forward to in the metaverse,” CNBC’s CNBC “”Squawk BoxOn Tuesday. “I’ve waited about 30 years…. I’m not sure if Facebook will make that happen.”

Schmidt was shocked to hear that Meta had decided to shift its focus and build the metaverse. This virtual world is where people can interact, play, work, and socialize. Google Microsoft AppleAll of them are working to develop technology that could help create the metaverse. It could take 10 years for the vision to become reality.

Schmidt stated that he would continue to refer to the company Facebook as Alphabet calls Alphabet, “Google,” because this is how it works. He said that the promise of the metaverse is strong, but it could cause problems if people give up real life to live in the virtual world.

Regulations fighting to regulate the web, social media, and misinformation are now facing questions from the metaverse. After the departure of former Facebook users, Facebook faces increased scrutiny by Congress and media. employee Frances Haugen leaked documentsThis sparked a number of Wall Street Journal stories about the company that showed that it is well aware of numerous problems, but chose to not address them or ignore them.

His comments about the regulation of metaverses were, “We’re going have to figure that out.” I don’t believe we have the right formula. “I don’t believe regulators have today the correct formulation, or how to talk about this.”