📉📈
Meta Reduces the Metaverse Budget by 30% and its Shares Rise by 4% on Wall Street 🚀
Meta, the parent company of Facebook, Instagram, and WhatsApp, is making a strategic shift. The company plans to reduce its budget for the Metaverse unit by up to 30%, an initiative that has consumed over $60.000 billion dollars since 2020.
Wall Street Reaction: The news was well received by the market, causing the tech company's shares to rise by 4% on the stock exchange this morning.
Adjustment and Risk: The cuts are part of the planning for 2026 and could involve layoffs during the first quarter of next year.
The AI Focus: The adjustment coincides with Meta's need to remain relevant in the Artificial Intelligence (AI) race, where it has already heavily invested, as seen with the launch of its Superintelligence Lab.
#Meta #Metaverse #WallStreet #Investment #AI #MarkZuckerberg