The company has seen its share price drop by more than 70% this year, with investors wary of big investments in underwhelming metaverse offerings that could take years to turn profitable, if ever. And while Meta remains a behemoth in social media, threats to that business have also emerged, with stiff competition from fast-growing rival TikTok and privacy changes on Apple devices.

Even some Meta employees who work on the metaverse offerings have been unimpressed with them, according to leaked documents, with one commenting, “An empty world is a sad world.” Investors have pressed CEO Mark Zuckerberg to scale back…