The metaverse is cooked, and Wall Street couldn't be happier [CNN]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: CNN
Shares of the company formerly known as Facebook shot up 7% early Thursday in response to a Bloomberg report that CEO Mark Zuckerberg is slashing the metaverse team's budget by as much as 30%. CNN hasn't confirmed the report. In a statement, a Meta spokesperson confirmed that “we are shifting some of our investment” from the metaverse group toward AI glasses and wearables. The stock ended the day up 3.4%. It's not hard to see why Wall Street is so thrilled. After four years and billions of dollars wasted, the metaverse — a feature that Zuck believed in so deeply that he renamed the company after it — is more or less cooked. The thing never made much sense, even when Zuck dramatically declared the metaverse would be “the successor of the mobile internet.” The company initially set a goal of 500,000 monthly active users in Horizons Worlds , a virtual reality space, by the end of 2022. According to the Wall Street Journal , Meta revised that goal by nearly half later that year.
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- 12/2/25 - Form 144
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