The main focus is on a 20% budget cut for the Reality Labs division, which is responsible for developing the corporation’s metaverse. According to Bank of America, these cost-cutting measures will save about $3 billion.
This was prompted by years of poor financial reports. Since its founding in 2019, the metaverse division has lost about $55 billion in total.
According to Mark Zuckerberg, “an increasing portion of Reality Labs’ efforts is being directed towards artificial intelligence services.”
Nevertheless, the company will continue to release new Quest VR headsets and Ray-Ban AR glasses.
