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Meta plans to lay off about 10% of its Reality Labs employees due to ongoing financial losses, totaling around $70 billion since 2020. The division focuses on metaverse products, which have failed to gain consumer traction, prompting a shift in the company’s focus toward AI development.
Mark Zuckerberg intends to significantly reduce funding for Meta's metaverse efforts, possibly slashing the budget by 30%. This could lead to layoffs in the metaverse group as early as January. The cuts affect initiatives like Meta Horizon Worlds and the Quest VR unit.