Early Facebook investor says Zuckerberg isn't cutting costs fast enough - CNBC

Jim Breyer, 1 of Facebook's earliest investors, believes that Meta isn't cutting costs accelerated capable amid the institution slated to study its 3rd consecutive quarterly gross decline.

"My presumption is implicit the adjacent 24 months determination volition beryllium a large rebound," said the laminitis of Breyer Capital connected Thursday during an interrogation with CNBC. "But they're gonna beryllium nether a batch of unit for the adjacent 12 months and they're not cutting costs accelerated enough, successful my humble opinion."

"The Metaverse is years away," Breyer added, regarding the company's 2021 sanction alteration and consequent multi-billion dollar concern into virtual world and augmented world technologies. Founder and CEO Mark Zuckerberg believes that the societal media elephantine needs to walk billions of dollars connected VR and AR to assistance make what could beryllium the adjacent frontier for idiosyncratic computing, contempt galore investors urging the institution to refocus backmost connected its halfway online advertizing business.

Breyer appears to beryllium optimistic that VR volition acquisition a rebound this year, adjacent though wide VR headset income shrank past year.

"Virtual world is going to beryllium a precise large woody this Christmas holiday," Breyer said. "It'll beryllium Apple, it'll beryllium Google, it'll beryllium Sony arsenic good arsenic Oculus, but ticker for a large vacation successful the satellite of virtual reality."

Regarding Chinese tech elephantine ByteDance and its Facebook-rival societal video work TikTok, Breyer said that he's "very funny agelong word successful TikTok" and was keen connected ByteDance's dense concern into artificial intelligence.

Still, Breyer seemed acrophobic astir whether TikTok could perchance beryllium banned successful the U.S., arsenic galore authorities governments and universities person banned usage of the app implicit concerns astir idiosyncratic information perchance being accessed by the Chinese government.

"My hometown of Austin, Texas. At the University of Texas, they conscionable banned Tiktok from each devices," Breyer said referring to a December determination by assemblage officials. "But for sure, the information questions and wherever the information resides is not going away."