Metaverse – a venture that led to the company formerly known as Facebook being renamed Meta Platforms – includes, among other things, the investment in virtual reality services such as Meta Horizon Worlds.
Bloomberg refers to sources with insight into the process who wish to remain anonymous.
After about 20 minutes of trading on the New York Stock Exchange, Meta's stock has risen 3.4 percent.
Budget cuts of that magnitude are likely to result in staff layoffs, which could come as early as January, according to the sources. But no final decision has been made yet.
Zuckerberg reportedly told the management team in meetings in November to find ways to cut costs by 10 percent, according to Bloomberg's sources. This is in line with the direction of the budget work in recent years.
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