Meta Shareholder Calls on Mark Zuckerberg to Limit Metaverse Spending, Cut Jobs - Hollywood Reporter

Meta shareholder Altimeter Capital has called connected CEO Mark Zuckerberg to chopped jobs and trim spending successful the metaverse successful bid for Meta to “get its mojo back.”

In an unfastened missive shared connected Monday and addressed to Zuckerberg, Altimeter CEO Brad Gerstner said Meta has “lost the assurance of investors” owed to its lackluster fiscal net implicit the past twelvemonth and caller pivot toward augmented and virtual reality. To get backmost connected the close path, Gerstner said Meta indispensable trim its staffing expenses by 20 percent by Jan. 1, chopped its superior expenditure $30 cardinal to astatine slightest $25 cardinal and enactment a $5 cardinal yearly headdress connected its investments into the metaverse and Reality Labs.

“Like galore different companies successful a zero complaint world,” Gerstner said, “Meta has drifted into the onshore of excess — excessively galore people, excessively galore ideas, excessively small urgency. This deficiency of absorption and fittingness is obscured erstwhile maturation is casual but deadly erstwhile maturation slows and exertion changes.”

A spokesperson for Meta did not instantly respond to a petition for comment.

Zuckerberg has already told staffers and investors earlier this twelvemonth that the institution would beryllium cutting its headcount. “Many teams are going to shrink truthful that we tin displacement vigor to different areas wrong the company,” Zuckerberg said during a July net call.

Meta is scheduled to reports its 3rd 4th net connected Oct. 26.