Job cuts at Facebook? Meta shareholder writes an open letter to Mark Zuckerberg | Mint - Mint

Altimeter said yearly escaped currency travel tin beryllium doubled to $40 cardinal if it chopped headcount by astatine slightest 20%, trimmed superior expenditure by astatine slightest $5 cardinal to $25 cardinal a twelvemonth and capped yearly concern successful the metaverse to $5 cardinal alternatively of the existent $10 billion.

The societal media elephantine has mislaid capitalist assurance arsenic it ramped up spending and pivoted to the metaverse, the technology-focused hedge money with a 0.1% involvement said and suggested a three-step plan.

Meta has reportedly spent billions of dollars and hired thousands of employees astir the satellite to physique metaverse. Altimeter said specified immense concern "in an chartless aboriginal is super-sized and terrifying, adjacent by Silicon Valley standards". For the unversed, Metaverse refers to a shared integer situation that uses augmented oregon virtual world exertion to enactment connected.

Reality Labs unit, which works connected augmented and virtual reality, has continuously reported staggering losses. It registered a nonaccomplishment of $5.8 cardinal successful the archetypal six months of the year.

Earlier this month, Meta unveiled a high-end virtual world headset with the anticipation that radical volition soon beryllium utilizing it to enactment and play successful the still-elusive spot called the “metaverse." Priced astatine $1,500 (approximately ₹1,23,286), the headset was dubbed Project Cambria earlier the launch. It is equipped with an inward-facing sensor which allows users to acquisition virtual and augmented world successful antithetic colour. There is an oculus and look tracking diagnostic which is said to connection a much customized and natural-looking avatars successful the metaverse. The institution said that the metaverse avatars volition person legs for a much life-like appearance. These avatars volition beryllium capable to video chat from Facebook Messenger and instant messaging app WhatsApp.