Meta slashes funding for the metaverse
Facebook changed its name to Meta in 2021 to reflect its virtual reality ambitions in the so-called metaverse. Now it’s slashing funding for those ambitions. The social media company told its Reality Labs division that houses AR and VR projects including the metaverse it needs to cut spending by nearly 20% by 2026, The Information reported, citing a former manager there.
That’s after years after seemingly giving the division a blank check and burning through $55 billion dollars since 2019.
This change likely reflects negative Wall Street sentiment around anything metaverse-related as Meta tries to lean more heavily into AI and focus on the AR side of the division with products such as their Ray-Ban glasses.
That’s after years after seemingly giving the division a blank check and burning through $55 billion dollars since 2019.
This change likely reflects negative Wall Street sentiment around anything metaverse-related as Meta tries to lean more heavily into AI and focus on the AR side of the division with products such as their Ray-Ban glasses.
