Social media giant Meta is reportedly planning to scale back its metaverse spending by up to 30% and redirect the funds into virtual reality glasses and artificial intelligence.
No final decision has been made yet, but budget cuts and possible layoffs are on the table for Meta’s Reality Labs division, mainly aimed at its virtual reality unit, which eats up the bulk of metaverse-related spending, Bloomberg and The New York Times reported on Thursday.
The budget cuts could come as early as January, but Meta plans to redirect resources to a Reality Labs…

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