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.

The proposed metaverse cuts are part of the company’s annual budget planning for 2026, which included a series of meetings at Zuckerberg’s compound in Hawaii last month, Bloomberg reported.

Cuts that high would most likely include layoffs as early as January, according to the report. Meta did not immediately res

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