Report: Meta has stopped developing its Apple Watch rival 

This purported Meta Watch prototype image appeared in a Facebook app in October. (credit: Facebook via Bloomberg)

Development of a Meta smartwatch is on pause, Bloomberg reported Thursday, citing an anonymous "person with knowledge of the matter."

Facebook's parent company never confirmed it was making a smartwatch to rival the Apple Watch and Samsung's Galaxy Watch. It also declined to comment on Bloomberg's story. However, Bloomberg claimed that Meta has been working on a smartwatch, codenamed Milan, "for at least two years."

The publication said Meta was aiming to release its smartwatch next spring for about $350, but workers "were told this week that the device is no longer on track for production."