Crypto News :
The Walt Disney Company, a well-known entertainment giant, appears to have lost interest in the metaverse.
According to reports from the Wall Street Journal, the company’s metaverse unit was completely dissolved in the latest round of layoffs announced by CEO Bob Iger on March 27.
The layoff process, which will occur in three phases, is aimed at reducing Disney’s workforce by 7,000, with a cost-cutting goal of $5.5 billion.
In an employee memo, Iger stated that this move was “part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated, and streamlined approach to our business.”
Mike White, who was appointed to lead the now-defunct unit back in 2022 by former Disney CEO Bob Chapek, was the only one who avoided being laid off, while all 50 employees of the metaverse unit were let go. At this time, White’s future with the company is uncertain.