Meta confirms that Workplace is closed to focus on artificial intelligence and Metaverse (META)

• MetaPlatform (NASDAQ: METAThe company is shutting down Workplace, its enterprise communications tool, as it wants to focus on artificial intelligence and virtual universes, a company spokesperson told Seeking Alpha.
• “We will be discontinuing Workplace from Meta so we can focus on Building artificial intelligence and Metaverse technologies that we believe will fundamentally reshape the way we work. Go to Zoom’s Workvivo product of choice, Meta’s only preferred product immigration partner.
• Workplace will remain operational until August 31, 2025.
• TechCrunch first reported the news of Workplace’s closure.
• It’s unclear whether Meta will lay off employees working in Workplace or whether they will be reassigned within the company.
• Workplace, formerly known as Facebook @ Work, is designed to compete with other enterprise messaging tools such as Salesforce (CRM) Slack, Microsoft (MSFT) Teams or Zoom (ZM). Launched in 2015, it attracted widespread attention. According to ZDNet, as of May 2020, the number of paying subscribers was 7 million.
• yuan stock is small increase early trading Tuesday.

(This story has been updated to confirm Meta is shutting down Workplace.)