Meta has set out plans to meaningfully cut back its metaverse efforts next year, as chief executive Mark Zuckerberg narrows his focus on winning the artificial intelligence race.
Executives at the $1.7tn social media company have discussed potential budget cuts as high as 30 per cent for its metaverse group, which will probably include job losses starting early next year.
The news was welcomed by investors, who have questioned Zuckerberg’s spending on a long-term initiative that failed to gain traction with consumers and promised no immediate returns.
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