Facebook is already running out of money for Metaverse

Phew!

Tic Tic Boom

It looks like Facebook’s Metaverse gambit is showing more signs of implosion.

This week, a Facebook executive — okay, okay, Meta — told the company’s Reality Labs division to expect a cuts announcement soon, per documents reviewed by Reutersbecause he can no longer afford some of his material projects.

A spokesperson confirmed Reuters that CTO Andrew Bosworth has indeed told Reality Labs staffers that the company can’t afford some projects and should postpone others, though specific efforts on the chopping block remain unspecified. The spokesperson also said there are currently no layoff plans. Futurism has also reached out to Facebook for comment on the specific projects that have been affected.

The rhythm of the snail

The drama comes just weeks after CEO Mark Zuckerberg said the company intended to “slow down” on its larger investments, including Reality Labs, which is its metaverse development division.

This news also fell into the misinformation that Facebook has slowed hiring amid rising costs in its beleaguered metaverse, which so far has proven slippery, disappointing and riddled with abuse and scams.

The company’s stock has seen a relentless decline since it changed its name to meta amid its VR push last year. Since then, everything seems to have gone downhill for the company – although there’s still plenty more they could go down.

Needless to say, we’ll be eating popcorn while we wait to see where this all ends.

READ MORE : Facebook owner Meta tells hardware employees to prepare for cuts [Reuters]

Learn more about the uppercase metaverse: Facebook employees say Mark Zuckerberg is weirdly obsessed with the metaverse

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