What just happened? The Meta’s dream of a metaverse turning into a nightmare? The company announced that it will be making cuts to its Reality Labs division, a business that focuses on Meta hardware and metaverse aspirations.

- Advertisement -

During a Q&A session on Tuesday, CTO Andrew Bosworth told Reality Labs staff that changes to the division will be announced this week, reportedly. Reuterswhich featured a summary of the technical director’s comments.

- Advertisement -

A Meta spokesperson confirmed that Bosworth had told Reality Labs employees that the department would have to scrap some projects because the company couldn’t afford to keep funding them while others were put on hold. It is not clear which projects were affected.

The only good news for workers is Meta’s confirmation that layoffs are not planned as part of cost cuts.

- Advertisement -

Meta’s belief that the metaverse will become an integral part of our future was illustrated by Facebook’s corporate name change last year. In February, it was reported that Meta down $500 billion after a name change and is no longer a top 10 US company – Meta Platforms is currently ranked 34th in the Fortune 500. ratings.

In its first quarter financial results, Meta said it was able to add users by seeing them. reject for the first time in the previous quarter. But Reality Laboratories fell another $2.96 billion.— one billion dollars more than the $1.83 billion it lost a year earlier — adding to the $10.2 billion the division lost during 2021.

CEO Mark Zuckerberg has insisted that we won’t see his metaverse vision until 2030. not all staff share their boss’s excitement about the project, and neither of them half of all teenagers.