Meta is closing down three VR studios as part of its metaverse cuts

Almost four studios really, another is being reduced to a skeleton crew just to keep their existing infrastructure on life support.

Earlier: https://news.ycombinator.com/item?id=46593961

I mean say what you will about Zuck, the ability to pivot at a strategic moment after being so public about a previous decision shows commitment and vision. I'd venture to say most companies anywhere near the scale of meta would not be able to put this off.

He's pivoting, but he's not going out publicly admitting he was wrong, exactly.

I can’t tell if this is sarcasm. Zuck has missed on every idea since Facebook. Every attempt to diversify Facebook, beyond acquiring other companies and adding them to their ad network has been a complete failure. To name a few:

1. Home Automation

2. Meta (they renamed the company and acquired Oculus)

3. Facebook Phone