Meaning of the word diversifying in English

What does diversifying mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

diversifying

US /daɪˈvɜːrsɪŋ/
UK /daɪˈvɜːsɪŋ/

Verb

making or becoming more varied or different

Example:
The company is diversifying its product line to reach new markets.
Many investors are diversifying their portfolios to reduce risk.