--- title: "Facebook Reportedly Already Running Out of Money for Metaverse" description: "It looks like the Facebook Metaverse gambit may be showing more signs of implosion. " date: "2022-05-12" modified: "2022-05-12" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/facebook-metaverse-cutbacks" categories: - "Future Society" - "Metaverse" - "Virtual Reality" tags: - "facebook" - "metaverse" - "the digest" - "virtual reality" --- # Facebook Reportedly Already Running Out of Money for Metaverse ![It looks like the Facebook Metaverse gambit may be showing more signs of implosion. ]() *\Image: Getty Images/Futurism\* ## Tick Tick Boom It looks like Facebook's Metaverse gambit may be showing more signs of implosion. This week, a Facebook — okay, fine, Meta — executive told the company's Reality Labs division to expect a cutback announcement soon, [per documents reviewed by *Reuters*](), due to no longer being able to afford some of its hardware projects. A spokesperson confirmed to *Reuters* that Chief Technology Officer Andrew Bosworth did indeed tell Reality Labs staffers that the company couldn't afford some projects and would need to postpone others, though the specific efforts on the chopping block remain unspecified. The spokesperson also said that there are no current plans for layoffs. Futurism has also reached out to Facebook for comment about which specific projects were impacted. ## Snail's Pace The drama comes just weeks after CEO Mark Zuckerberg said the company intends to "slow the pace" of its larger investments, including Reality Labs, which is its metaverse development division. This news also broke on the heels of reports that [Facebook is slowing hiring]() amid mounting costs for its embattled Metaverse, which so far has [proven to be glitchy](), [underwhelming](), and [riddled with abuse]() and [scams](). The company's stock has [been on a relentless decline]() since it changed its name to Meta amid its VR push last year. Since then, it seems to all have gone downhill for the company — though there's still much further they could fall. Needless to say, we'll be eating popcorn as we wait to see where it all ends up. **READ MORE:** [Facebook-owner Meta tells hardware staffers to prepare for cutbacks]() \[*Reuters*\] **More on the capital-M Metaverse:** *[Facebook Employees Say Mark Zuckerberg is Weirdly Obsessed With The Metaverse]()* ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()