Meta cuts over 1,000 jobs in major metaverse retreat

Meta Inc. is beginning to cut 10% of employees, or more than 1,000 jobs, from its Reality Labs division as it shifts its investment away from metaverse products."We said last month that we were shifting some of our investment from Metaverse toward Wearables," a Meta spokesperson told FOX Business, adding that this action is part of that effort."We plan to reinvest the savings to support the growth of wearables this year," the spokesperson added.META'S MASSIVE NUCLEAR POWER DEALS WILL HELP US 'WIN' AI RACE AGAINST CHINA, EXECUTIVE SAYSThe impacted employees will be notified on Tuesday, an internal post from Chief Technology Officer Andrew Bosworth that was reviewed by Bloomberg News, showed. META SUED AFTER TEEN BOYS' SUICIDES, FAMILIES CLAIM TECH GIANT IGNORED 'SEXTORTION' SCHEMESThe division includes Meta’s hardware and other futuristic product efforts like VR headsets, AI glasses and virtual world products. However, that division has taken a beating, accumulating more than $70 billion in losses since 2021. Reality Labs faced a $4.4 billion operating loss during the third fiscal quarter alone. DATA CENTERS RAPIDLY TRANSFORMING SMALL-TOWN AMERICAMeanwhile, Meta and EssilorLuxottica SA, a Franco-Italian multinational eyewear and eye care company, are in talks to potentially double capacity for AI-powered smart glasses by the end of this year, people familiar with the matter told Bloomberg. GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business