Meta Stock Soars 5% After Metaverse Budget Slashings

Meta’s stock jumped more than 5% on Thursday after reports surfaced of a significant reduction in funding for the company’s metaverse projects, potentially as much as 30%. This decision stemmed from internal discussions held at Mark Zuckerberg’s Hawaii estate last month, where executives were instructed to implement cost reductions across the board. The metaverse team was singled out for deeper cuts than other departments, with proposals of up to 30% reduction in funding.