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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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META
A day after reporting dismal earnings, Meta shares lost nearly a quarter of their value, knocking it off the list of the 20 most valuable US companies. Since Meta’s stock peaked in September 2021, it’s tumbled 74%, equivalent to more than $730 billion in market cap going poof. And CEO Mark Zuckerberg’s fortune has shrunk by more than $100 billion in the last 13 months.
Louie
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More META
Meta employees are posting negative comments about Mark Zuckerberg on anonymous forum Blind. A software developer said Meta’s CEO will “single-handedly kill” the company with the metaverse. The reviews were posted on the day that Meta axed 13% of its workforce and on the following day.
Louie
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