Alibaba Lays Off Dozens From Its Metaverse Unit Amid Sector Slowdown

11/8/2024 11:09:08 PM

(MENAFN- Investor Brand Network) Alibaba Group has
laid off
dozens of employees from its metaverse division, Yuanjing, in light of a decline in the buzz about the metaverse. By restructuring the teams in the Shanghai and Hangzhou offices, the Chinese multinational technology company aims to enhance organizational efficiency. However, despite these cutbacks, the company reassures that its metaverse efforts will continue, focusing on metaverse tools and services for its customers.

Founded in 2021 during a period of intense enthusiasm for the metaverse, Yuanjing had been part of Alibaba Group Holding Ltd. (NYSE: BABA) 's wider effort into virtual and augmented reality technologies. At its most successful point, the unit received investment running up to billions and...

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