FILE PHOTO: Meta CEO Mark Zuckerberg wears the Meta Ray-Ban Display glasses, as he delivers a speech presenting the new line of smart glasses, during the Meta Connect event at the company's headquarters in Menlo Park, California, U.S., September 17, 2025. REUTERS/Carlos Barria/ File Photo
Dec 4 (Reuters) - Meta is expected to make budget cuts of up to 30% for its metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussions.
The Facebook parent's shares rose 4% as the move eased some investor jitters over a bet that CEO Mark Zuckerberg has backed with billions of dollars, only for the business to burn more than $60 billion since 2020. The company even changed its name to Meta from Facebook in 2021 to signal its priorities.
