Disney lays off thousands and shuts down Metaverse division.

Disney is cutting its metaverse unit as part of its plan to lay off 7,000 workers and save $5.5 billion. The division was responsible for developing metaverse strategies and had about 50 employees, all of whom were laid off. The division’s leader, Mike White, is staying at the company, but his role is unclear. CEO Bob Iger believes the transformation will increase Disney’s profitability. The layoffs will cut about 3 percent of Disney’s global workforce.