Meta plans to lay off hundreds of metaverse employees this week

Meta's Reality Labs team is expected to lose around 10 percent of its staff, with layoffs concentrated on the division's metaverse employees, as reported by The New York Times. The layoffs are apparently a side effect of Meta's AI ambitions, which are pulling focus away from its virtual reality division.

According to the Times, Meta's chief technology officer, Andrew Bosworth, called a meeting for Wednesday that he "urged staff to attend in person," saying it will be the "most important" meeting of the year.