Meta is reportedly going to slash spending on the metaverse

Meta is reportedly planning steep cuts to its metaverse division, according to Bloomberg. This is happening just a few years after the company changed its name from Facebook to reflect its renewed interest in that same metaverse.

Bloomberg notes that the metaverse department could get hit with significant budget cuts in the near future, with layoffs potentially occurring early next year. The budget cuts could go as high as 30 percent and will likely impact the virtual worlds product Meta Horizon Worlds and the Quest virtual reality headset. The publication did note that this isn't a done deal just yet.

Company insiders say this is all part of Meta's annual budget planning for 2026 and that the cuts were discussed at a series of meetings at CEO Mark Zuckerberg's compound in Hawaii. The metaverse team was reportedly asked for deeper-than-average cuts because ...