Zuckerberg Implements Major Cost Reductions in Metaverse Projects
Mark Zuckerberg, the CEO of Meta Platforms Inc., is preparing significant budget cuts for the company’s metaverse projects. This initiative, which was once viewed as the company’s future, is now facing scrutiny.
Zuckerberg’s Cost Reduction Plans for the Metaverse
As part of potential cost-saving measures, executives are exploring budget reductions of up to 30% for the metaverse division in the upcoming year. This division encompasses key products, including Meta Horizon Worlds and the Quest virtual reality unit.
Implications of the Budget Cuts
These proposed cuts are substantial and could lead to workforce reductions beginning as early as January. While the discussions are ongoing, key details remain confidential.
- Budget cuts up to 30% are being considered.
- The metaverse group includes Meta Horizon Worlds and Quest VR.
- Layoffs may occur as soon as January 2024.
This shift in strategy indicates a significant pivot for Meta, highlighting the challenges engulfing its ambitious metaverse vision. The company had previously rebranded from Facebook Inc. to reflect its commitment to developing this virtual universe.
As these discussions unfold, the future of the metaverse projects remains uncertain.
