Shares of Meta Platforms, Inc. (META) rose on Thursday after Bloomberg reported the technology company was planning to cut spending across its division by 10%, with as much as 30% cuts to its virtual reality group, which includes the so-called metaverse.

These cuts could potentially include layoffs, which could come as early as January, and are part of the company’s 2026 budget, according to the article.

Meta—the owner of Facebook, Instagram, Threads, Messenger, and WhatsApp—develops metaverse technologies, such as the Horizon Worlds platform, its flagship virtual-reality game.

Fast Company has reached out to Meta for comment.

Meta stock rose 5.7% in early trading Thursday, before settling up a few percentage points. At the time of this writing on Thursday afternoon, Meta’s stock price

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