Meta Rises on Bloomberg Report of Metaverse Cuts
By Elias Schisgall
Meta Platforms stock rose after Bloomberg reported that Chief Executive Mark Zuckerberg is exploring cutting up to 30% of the budget for the metaverse group.
Shares were up 4.2% to $666.27 in Thursday morning trading. The stock is up 14% in the past year.
Bloomberg reported Thursday that Zuckerberg may slash the metaverse budget, likely entailing layoffs, as part of the company's goal of 10% budget cuts across the board. The move would be a remarkable symbol of Meta's shifting priorities since the company changed its name from Facebook in 2021 to go all-in on the metaverse.
Investors and watchdogs alike have cast doubt on the company's focus on building virtual worlds, Bloomberg's report said. And Meta has been increasingly prioritizing artificial-intelligence, with Zuckerberg convening an elite team of researchers and engineers to work on achieving superintelligence and pledging in October to accelerate AI capital spending.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
December 04, 2025 10:51 ET (15:51 GMT)
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