Meta is laying off approximately 1,500 people, accounting for 10% of its Reality Labs team, and shutting down several VR game studios, marking a significant shift in the company's approach to building the metaverse. The company rebranded from Facebook to Meta in 2021, aiming to focus on a virtual reality-driven future, but has now shifted its focus to artificial intelligence. Previously, Meta had invested around $7.3 billion into Reality Labs, which has been operating at a loss. The layoffs include shutting down internal studios, halting new development for the fitness app Supernatural, which was acquired for $400 million, and closing the Workrooms project aimed at enterprise VR applications.