Meta, the parent company of Facebook, holds a reported 3% stake in EssilorLuxottica, the owner of Ray-Ban and Oakley brands. The stake is being used for the development of Ray-Ban Meta AI-powered glasses, with a possibility of increasing to 5%.

Despite the stake, Meta is not seeking a board seat on EssilorLuxottica. The French company’s board director confirmed the stake and mentioned that Meta could continue to increase its ownership in the future.

In related news, Google plans to release its first AI-powered glasses in 2026, entering the market for wearable AI devices. The competition in the sector is heating up as tech giants invest in innovative products.

Read more at Nasdaq: Meta Holds About 3% Stake In EssilorLuxottica: Reports