After losing more than $70 billion, Mark Zuckerberg seems to have finally admitted that his biggest bet is ‘not working’

Meta CEO Mark Zuckerberg seems to have finally realised that one of the company’s biggest bets — Metaverse — is not working (or not working as expected). It is also the technology that the company changed its very name after. In 2021, after 17 years of being called Facebook, the social networking parent company behind Facebook, Instagram, WhatsApp and Oculus changed its name to Meta. Now according to a report from Bloomberg, Meta is likely to slash its Reality Labs budget, shaving off as much as 30%. The proposed metaverse cuts are reportedly part of the company’s annual budget planning for 2026, which included a series of meetings at Zuckerberg’s compound in Hawaii last month.For those unaware, Metaverse unit works on virtual reality headsets and a VR-based social network, which produces the company’s Quest mixed-reality headsets, smart glasses made with EssilorLuxottica’s Ray-Ban and upcoming augmented-reality glasses.