Disney will lay off about 50 people from its metaverse division

According to ChainCatcher, the Wall Street Journal reports that Disney has initiated its first round of layoffs, expecting to cut 7,000 jobs, which is a key part of its $5.5 billion cost-cutting plan announced in February. The first batch of employees will receive layoff notices within the next four days, and a larger second round of layoffs will take place in April, affecting thousands of employees. As part of the layoff plan, the metaverse division will be eliminated, with approximately 50 members of that team being laid off entirely. (Source link)