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Meta investors are growing increasingly concerned about the company’s commitment to the metaverse, according to a new shareholder letter.
Brad Gerstner, CEO and chair of Altimeter Capital, wrote an open letter stating that investor confidence is waning and that Meta could potentially get its “mojo back” by cutting its headcount by 20%.
Additionally, Gerstner recommends Meta cuts back on its metaverse investments, which has become a primary focus of the company’s endeavors in recent months.
“Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world,” said Gerstner. “In short, Meta needs to get fit and focused.”
Gerstner claims that the concept of the metaverse is still unclear, and Meta’s commitment to it appears aimless.
Currently, Meta is investing $10 billion on metaverse technology. At this rate, Gerstner believes that the company’s spending could maybe lead its ambitions to come to fruition in a decade — and that’s a big maybe.
“An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards,” stated Gerstner.
“We think the recommendations outlined above will lead to a leaner, more productive, and more focused company — a company that regains its confidence and momentum.”
