Meta shares jump 4% over report of 30% budget cut for Metaverse
Meta's shares jumped 4% in the early trading session on Thursday after a Bloomberg report claimed the firm plans budget cuts of up to 30% for its metaverse initiative. The cuts are part of Meta's annual budget planning for 2026 and are likely to include layoffs, the report said. Metaverse unit has reportedly burned over $60 billion since 2020.