Meta Platforms Inc. is beginning to cut more than 1,000 jobs from the company’s Reality Labs division, part of a plan to redirect resources from virtual reality and metaverse products toward AI ...

Meta is expected to make budget cuts of up to 30% for its metaverse initiative, Bloomberg News reported today, citing people familiar with the discussions. The Facebook parent’s shares rose 4% as the ...

Meta's Mark Zuckerberg made a big gamble, and it reportedly cost his company $77 billion in the last five years. It's called the metaverse, and Zuckerberg was so invested in the concept that he ...

The company wants to plow more money into its wearable tech.

Mark Zuckerberg’s dream of the metaverse has rarely looked farther away. The Facebook founder is finalizing significant budget cuts to Meta’s years-long project to create virtual worlds that users can ...

Meta is reportedly cooling on the metaverse with planned 30% cuts in its virtual reality research department, Reality Labs, which shareholders seemingly support. Social media giant Meta is reportedly ...

Facebook changed its name in 2021 to reflect the company’s newfound dedication to the interconnected virtual world concept known as the metaverse. Now, Meta is dialing back its intentions of being “a ...

A version of this story will appear in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free here. It appears Meta may finally be ready to put the metaverse out of its misery.