Reports that Meta plans to slash its metaverse budget by as much as 30% have eased investor concerns around AI spending and ignited a rally

Investors remain cautious about the AI push, however. In October, Meta’s shares dropped more than 10 per cent, wiping more than $208bn from its valuation — its second-biggest one-day loss — after Zuckerberg announced plans for even more aggressive spending on AI next year.

Meta bet big on the metaverse a few years ago, but it hasn't paid off. Investors on Thursday cheered a report it could slash metaverse spending by 30%.

Meta is reportedly planning steep cuts to its metaverse division, according to Bloomberg. This is happening just a few years after the company changed its name from Facebook to reflect its renewed interest in that same metaverse.

Meta began removing Australian teens younger than 16 from its platforms on Thursday to comply with the country's new law, which begins on Dec. 10.

SAVE $82.25: The Ray-Ban Meta Wayfarer (gen 1) sunglasses are on sale for $246.75 in the matte black colorway with polarized gradient graphite lenses. That's a 25% discount compared to the list price of $329 and it's the lowest price we've seen at Amazon.

The Oversight Board is getting ready to tackle a new pain point for Facebook and Instagram users. Up to now, users have been able to appeal content moderation decisions related to specific posts to the board,

This week, Meta made an announcement that its hybrid Instagram employees will hate. Most U.S. Instagram workers will have to return to the office five days a week starting in February, according to an internal memo viewed by Business Insider.