You just need to replace the part of your routine that only looks at the beginning, to look at all of the words and construct a string.
eg:
Edit to show dot after last letter
S = ""
If cell.Value <> "" Then
V = Split(cell.Value, " ")
For Each W In V
S = S & Left$(W, 1) & "."
Next W
cell.Offset(ColumnOffset:=-1).Value = S
End If
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