Employees were reportedly told on Friday that work on its smartwatch project would be halted as part of a cost-cutting effort that will involve structural changes to the company.Rumors about Meta's plans to bring a smartwatch to market first appeared in February 2021, with reports indicating that the device had a detachable display with two built-in cameras for taking pictures and videos to share on Facebook, Instagram, and WhatsApp.First launched in 2018, Portal was a brand of smart display featuring video calling capabilities using exclusively Meta-owned services like WhatsApp and Facebook.Announcing the move in a note, CEO Mark Zuckerberg said the layoffs were the combined result of his own poor decisions, macroeconomic downturn, increased competition, and ads signal loss, all of which resulted in lower-than-expected revenue.Given how Zuck isn’t very good at scalability and sustainability of anything original, and Google is more or less the place where acquisitions go to die, I have new found respect for Apple which not only successfully scales new ideas, but successfully integrates it’s acquisitions."