Mark Zuckerberg Retreats From the ‘Metaverse’

The “Metaverse” isn’t what it used to be. Meta Platforms is expected to cut resources from the virtual reality initiative Mark Zuckerberg once framed as the future of the company and his reason for changing its name from that social media platform.

Executives are considering potential budget cuts as high as 30% for the company’s metaverse group next year, which includes the virtual worlds product Meta Horizon Worlds and its Quest virtual reality unit. Cuts that high would most likely include firings as early as January.