Mark Zuckerberg planning to cut budget by billions of dollars for the project for which Facebook and Instagram owner changed its name

Facebook founder and Meta CEO Mark Zuckerberg is reportedly planning significant resource cuts for the company’s metaverse project which was once hailed as the future of the company and the main reason behind the corporate name change from Facebook. Citing sources familiar with internal discussions, Bloomberg reports that the company executives are considering potential budget cuts as high as 30% for the metaverse group next year. This division includes the virtual worlds platform Meta Horizon Worlds and its Quest virtual reality (VR) unit.

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