Meta to Scale Back Metaverse Spending, Redirect Funds to VR Glasses and AI

Meta plans to cut up to 30% of its metaverse spending and redirect funds to virtual reality glasses and AI development. The budget cuts, potentially including layoffs, could happen as early as January. Wall Street reacted positively, with shares initially spiking 5% before settling at a 3.4% gain. Meta rebranded from Facebook in 2021 to focus on building a metaverse, but competition has cooled, leading to the budget cut.