Facebook parent Meta Platforms Inc (NASDAQ:FB) stopped the development of a new software operating system to power its virtual reality devices and upcoming augmented reality glasses, The Information reports.

• XROS reportedly stopped soon after team lead Mark Lucovsky, formerly of Microsoft Corp (NASDAQ:MSFT), announced his exit.
• Lucovsky quit Meta to work on a similar AR OS project at Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google.
• Lucovsky departed after former Facebook employee Frances Haugen publicly accused the company of harmful business practices and “the company’s new metaverse-centric focus.” 
• The shelved project called XROS left Meta with the Android-based operating system used in Quest (previously Oculus) VR devices, which offers convenience and makes Meta dependent on another company’s OS, The Verge reports.
• The project had been underway for “several years and involved hundreds of employees,” 9 To 5 Mac reports. The decision to stop the development is being viewed as a “setback for the company’s attempt to own the underlying software behind its Oculus VR headset and future augmented or mixed reality devices.”
• Price Action: FB shares traded lower by 2.27% at $329 on the last check Wednesday.