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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.
Meta's Reality Labs has experienced significant financial losses, totaling over $60 billion since 2020, as it continues to invest heavily in virtual and augmented reality technologies. Despite these losses, the company remains committed to its vision for the future of immersive experiences.