In the midst of the financial crisis, Meta began to suspend or cancel many of its projects. The social media giant stopped its smart screen called Portal and the long-talked smartwatch. It was decided to reconsider investments in Metaverse.
Meta’s smartwatch canceled before it’s released
According to the information provided by Reuters, Meta CEO Mark Zuckerberg is making radical decisions for the future of the company. While the Portal canceled the smart screen, it stopped the newly started smart watch project. After the dismissal of 11 thousand people, it was decided to re-evaluate the resources.
At the meeting, led by Mark Zuckerberg, it was stated that the work on the Portal will end. Meta’s Portal device allowed people to make video calls, and its sales increased during the pandemic period.
It was stated that Portal accounts for less than 1 percent of the global market. Thereupon, the company changed its strategy for Portal in June and decided to sell Portal only to businesses. The recent financial crisis seems to have brought the complete end of Portal.
“Entering the business segment would take so long and so much investment that it felt like the wrong way to invest your time and money,” Andrew Bosworth, Chief Technology Officer, said at the meeting.
In addition to the Portal, it was reported that the smartwatch project was also suspended. Bosworth stated that the smartwatch team will work with the augmented reality team. He also said that half of Meta’s investments in Reality Labs will be devoted to AR projects.
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