Meta plans to cut investment in its metaverse team to save funds for its VR headset business

PANews, January 12—According to Golden Ten Data citing The New York Times, three informed employees revealed that Meta Platforms (META.O) is considering layoffs in a branch of its Reality Labs division engaged in "metaverse" business, with the process possibly starting as early as next month and involving 10% to 30% of the team. This team is mainly responsible for VR headsets and VR-based social networks. Reality Labs consists of the metaverse division and the wearable devices division. Sources said that management expects to redirect the funds saved from the layoffs to the AR glasses project. Meta partnered with Ray-Ban in 2021 to launch AR glasses, with sales already surpassing the company's internal targets. Insiders stated that Meta is reassessing its investment in the metaverse, and within the metaverse division, executives are considering significant cuts to VR-related positions.