Dec 4 (Reuters) - Meta is expected to make budget cuts of up to 30% for its metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussions.

The Facebook parent's shares rose 4% as the move eased some investor jitters over a bet that CEO Mark Zuckerberg has backed with billions of dollars, only for the business to burn more than $60 billion since 2020. The company even changed its name to Meta from Facebook in 2021 to signal its priorities.