"Meta Platforms Inc.'s Mark Zuckerberg is expected to meaningfully cut resources for building the so-called metaverse, an effort that he once framed as the future of the company and the reason for changing its name from Facebook Inc. Executives are considering potential budget cuts as high as 30% for the metaverse group next year, which includes the virtual worlds product Meta Horizon Worlds and its Quest virtual reality unit,"
"Cuts that high would most likely include layoffs as early as January, according to the people, though a final decision has not yet been made. The proposed metaverse cuts are part of the company's annual budget planning for 2026, which included a series of meetings at Zuckerberg's compound in Hawaii last month, the people said. Zuckerberg has asked Meta executives to look for 10% cuts across the board,"
Meta is considering budget reductions up to 30% for its metaverse group, affecting Meta Horizon Worlds and the Quest virtual-reality unit. Potential layoffs could occur as early as January as part of the company's 2026 budget planning after meetings at Zuckerberg's Hawaii compound. Zuckerberg requested 10% cuts across the company, while the metaverse unit faces deeper reductions because anticipated industry competition failed to materialize. The bulk of cuts would hit the virtual reality group, with Horizon Worlds also targeted. Investors view the metaverse as a resource drain, and watchdogs raised children's privacy and safety concerns. Shares rose about 5.7%; Meta declined to comment.
Read at www.mercurynews.com
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