Meta Announces Mass Layoffs Amid AI Pivot and Metaverse Retreat

Meta announced layoffs of approximately 700 workers, affecting its Reality Labs division. CEO Mark Zuckerberg is pivoting the company away from the costly 'metaverse' push and towards a $135 billion AI investment. The company's top executives are receiving stock bonuses despite the layoffs.

Meta, the social media giant, has announced a significant shake-up in its workforce. The company is said to have laid off around 700 workers, with the Reality Labs division being particularly affected and.

According to reports, this move is part of a broader shift in the company's strategy, as CEO Mark Zuckerberg looks to abandon the costly 'metaverse' project and invest $135 billion in artificial intelligence instead.

Contrary to the layoffs, top Meta executives have reportedly received stock bonuses as part of the company's efforts to pivot away from its struggling metaverse push and towards the new AI-centric strategy. The developments underscore a challenging time for Meta as it seeks to rebrand itself as a leading player in the rapidly evolving AI landscape.