Meta first entered the VR market in 2014 when it was still named Facebook and bought the VR startup Oculus for $2 billion.

Facebook co-founder and Meta CEO Mark Zuckerberg believes developing VR and AR technology could position the company to become a leader in what could become the next major personal computing platform.

The investment has been costly for Meta. After the company's Wednesday earnings report, Reality Labs has an operating loss of more than $58 billion since 2020.