$META (Meta Platforms Inc) stock has climbed recently after Mark Zuckerberg decided to scale back spending on the metaverse project—an idea that never gained the momentum expected during the pandemic and frustrated investors due to its huge costs.
Now, the company is planning significant cuts, possibly up to 30%, affecting Horizon Worlds and the Quest VR division, with layoffs likely early next year.
This change has been welcomed on Wall Street, since the metaverse effort was long seen as a financial drain and raised concerns about privacy and child safety.
Shares jumped showing growing optimism and right now traders are watching to see if $META can stay above the 50-day moving average, while an upcoming Golden Cross could draw more institutional buyers and support further.
Good job for the ones that invest in $META below 600!... Show More
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