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Meta is considering a 30% budget cut for the Metaverse department next year, resulting in a 3.4% increase in stock price.
BlockBeats News, December 5th, according to Bloomberg, Meta Platforms is set to reduce its resources allocated to the virtual reality project. Mark Zuckerberg had previously positioned this project as the future of the company, leading to the company's rebranding from Facebook. The executive team is considering budget cuts of up to 30% for the metaverse business unit next year, which includes the virtual world product Meta Horizon Worlds and its Quest virtual reality devices. Such significant cuts are likely to result in layoffs as early as January next year.
Zuckerberg's metaverse strategy has long been under investor scrutiny, with concerns that it has been consuming excessive resources. It has also faced regulatory scrutiny, with allegations of child privacy and safety issues in the virtual world.
Wall Street appears to be pleased with Zuckerberg's retreat: after the New York Stock Exchange opened, Meta's stock price surged by as much as 5.7%, marking the largest intraday gain since July 31st, and ultimately closing up 3.4%.
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