Meta plans to cut the Metaverse project budget by up to 30%.

Sources familiar with the matter revealed that Mark Zuckerberg, CEO of Meta Platforms Inc., is expected to significantly cut resources to its metaverse business, which he saw as the company's future and the reason for renaming it Meta. Executives have discussed cutting the budget for the metaverse division (which includes the virtual world product Meta Horizon Worlds and its Quest virtual reality division) by up to 30%. Such a large cut could lead to layoffs as early as January.