Why is Meta Stock Jumping Today? Metaverse Cuts Could Lead to Layoffs

Meta Platforms, formerly known as Facebook, saw a 4% surge in its stock price following a report from Bloomberg. The report revealed that Meta plans to cut up to 30% of the budget allocated to its metaverse division, potentially resulting in job losses. These cuts are part of Meta’s financial strategy for 2026 and reflect the company’s ongoing shift towards the metaverse as a long-term investment. )