Metaverse failings cause Zuckerberg to axe internships and slash costs

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The virtual world of The Metaverse continues to have an effect on Mark Zuckerberg’s Meta. As the Big Tech spearhead of the VR technology, the company is spending billions on realising the virtual dream.

However, as stock prices dwindle, the Zuckerberg-owned company is slashing costs. The first port of call: axing upcoming internships for the first time.

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No interns

Reported by The New York Post, Meta has axed its 2023 internship program in London. Would-be interns signed on to join the company earlier this year, but new budget restrictions has led to them being pushed away.

The culled internship move is part of a laundry list of aggressive cost-cutting measures by Mark Zuckerberg. With the CEO’s wealth being cut in half over the past year, the company is doing everything to try and turn profit.

Would-be interns were informed about the cuts in a mass email. The interns signed onto the program months ago with many turning down other offers to join Meta.

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“I changed plans and discarded another offers for 2023 due to this offer, so if anyone can help me with another opportunities for the next year, I would be glad to apply,” said one let-go intern. “Sometimes life is not fair and unexpected things happen.”

The intern cut comes after a massive hiring freeze at the company following its Metaverse failings. CEO Mark Zuckerberg claimed that the company has to “plan somewhat conservatively” amid global recession.

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Metaverse failings?

It’s no secret that Facebook parent company Meta is not doing so well. After the company’s “army-under-siege” era of 2021, the tech giant has been on the back foot, developing its Metaverse and associated technology.

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In the past year, Meta has been losing billions every quarter on its development of the virtual world. From software to next-gen hardware, the cost of realising its Metaverse is ballooning as time goes on.

Furthermore, the company sees the virtual world as a mixed reality tool. This involves the creation of augmented reality glasses, aka smart glasses, as well as VR headsets. According to people close to the project, Zuckerberg’s ego rests on the successful launch of this technology.