Meta stock climbs 6% on report of planned metaverse cuts

Meta CEO Mark Zuckerberg has repositioned the social media giant as an AI company.

Vincent Feuray | AFP | Getty Images

Meta Platforms shares popped about 6% higher on Thursday after Bloomberg reported that CEO Mark Zuckerberg was looking to make significant cuts to the company’s metaverse resources.

Bloomberg said that executives have considered cuts as high as 30% for the unit, citing people familiar with the talks.

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