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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.
Palmer Luckey argues that Meta's recent closure of its VR game studios is beneficial for the industry's long-term health. He believes the layoffs are part of a necessary shift away from competing with smaller developers and emphasizes that Meta still leads in VR employment.