Meta stock climbs 6% on report of planned metaverse cuts

Shares of Meta Platforms experienced a notable increase of approximately 6% on Thursday following a report by Bloomberg indicating that CEO Mark Zuckerberg is contemplating substantial reductions to the company's metaverse investments. According to sources familiar with the discussions, executives are evaluating potential cuts of up to 30% within the metaverse division. This strategic shift is significant for Meta, which rebranded from Facebook in October 2021 to emphasize its focus on the metaverse, a concept Zuckerberg described as the next evolution akin to the rise of social networking. The anticipated budget adjustments, as reported, may also involve workforce reductions, as these cuts are part of the company's financial planning for the year 2026. As developments unfold, this story remains dynamic, and updates will follow.