Reuters reports that chief technology officer Andrew Bosworth told Reality Labs staff on Tuesday''s Q&A session that changes would be made this week.
Bosworth told Reality Labs employees that the division might have to abandon certain projects, claiming that the company could not afford to keep funding them, while others would be put on hold. It''s unclear which projects have been affected.
Meta''s confirmation that no layoffs are planned as part of the cost-cutting is the one bit of positive news for workers.
Meta''s belief that the metaverse will be an integral part of our future was illustrated by the addition of Facebook''s corporate name last year. In February, Meta was reported to be down $500 billion because of the name change and is no longer a top ten US companyMeta Platforms is currently on the Fortune 500 ladder.
Meta''s Q1 financial results revealed that it had accomplished adding users after seeing them decrease for the first time in a row. However Reality Labs was down another $2.96 billionone billion dollars more than its $1.83 billion loss one year earlier. The $10.2 billion in which the division had suffered was also reported.
Mark Zuckerberg, CEO of the National Geographic, has stated that we will not see his vision of the metaverse until 2030. However, not all of his employees are unaware of the project, and it''s unlikely that half of all teenagers will.