Meta's metaverse division leaders are reportedly gathering for a summit that includes a meeting called 'Must Go Faster'

• Meta's metaverse division is scheduled to gather for a multi-day summit next week, Command Line reported. 
• The division, also known as Reality Labs, is reportedly also canceling projects, Command Line said.
• Reality Labs lost $13.7 billion in 2022 and posted a fourth-quarter loss of more than $4 billion. 

Meta is barreling ahead in its "year of efficiency" with full force. 

The company seems to be gearing up for another round of layoffs after cutting 13% of its workforce last year. 

It's even cracking down on its metaverse division, Reality Labs, which has been mocked as a money pit for the past several months, despite Zuckerberg's attempts to assure investors otherwise. 

On Thursday, Command Line reported that leaders from Reality Labs are scheduled to gather for a "first-of-its-kind, multiday summit" next week at the company's Menlo Park, California, headquarters. 

The summit will focus on "road map and vision-setting presentations" with one meeting reportedly titled "Must Go Faster," Command Line said. 

Reality Labs is reportedly canceling projects, too. 

Command Line reported that at least two of the division's projects have been scrapped. "Cardiff," the codename for an upcoming version of the Quest headset, and "Hermosa," the moniker for another early-stage hardware prototype, according to Command Line.

Mark Zuckerberg's ambitions to build a sweeping virtual world known as the metaverse have been publicly underway since he changed the company's name to Meta in 2021.

However, realizing that vision has been pretty pricey. Reality Labs lost $13.7 billion in 2022 and reported a loss of almost $4.3 billion in the fourth quarter, up from $3.3 billion in the quarter prior. 

Meta did not immediately respond to Insider's request for a comment.