Meta is shifting some of its investments in the metaverse to AI glasses and wearables, hoping to capitalise on the "momentum" in that segment, a company spokesperson has said.
Over the last decade, Meta has poured billions of dollars to build the metaverse, which lets people to interact in a virtual reality. However, the tech giant has struggled to convince investors of the viability of the nascent technology.
Bloomberg first reported on Thursday that Meta would cut its metaverse investment by as much as 30%. Its shares climbed more than 3.4% following the news.
The strategic shift to the Metaverse was the reason why Facebook changed its name to Meta in 2011.
"We aren't planning any broader changes than that," said Meta's spokesperson, without commenting on whether the shift in investments will result in layoffs.
