By Staff Reporters
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Quote: “Meta needs to get its mojo back.”
With Meta’s share price down more than 60% this year, investors are losing patience with Mark Zuckerberg’s big bet on the metaverse.
Altimeter Capital CEO Brad Gerstner, whose firm has more than 2 million shares in the company, wrote an open letter yesterday urging Meta to cut headcount expenses by 20% and keep metaverse spending under $5 billion per year to become a “more productive, and more focused company.”
We’ll see how Meta feels about its own mojo when it reports earnings tomorrow.
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