Facebook is spending at least $10 billion this year on its metaverse division

Facebook plans to spend at least $10 billion this year on Facebook Reality Labs, its metaverse division tasked with creating AR and VR hardware, software, and content.

“We are committed to bringing this long-term vision to life and we expect to increase our investments for the next several years,” the company wrote in its third-quarter earnings release this afternoon. Facebook sees AR and VR as being core to “the next generation of online...