Meta CEO Mark Zuckerberg has repositioned the social media giant as an AI company.
Vincent Feuray | AFP | Getty Images
Meta Platforms shares popped about 6% higher on Thursday after Bloomberg reported that CEO Mark Zuckerberg was looking to make significant cuts to the company’s metaverse resources.
Bloomberg said that executives have considered cuts as high as 30% for the unit, citing people familiar with the talks.
The move would be notable for the Facebook parent company, which changed its name to Meta in October 2021 to signal its pivot beyond social media.
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