Shareholder urges Meta to get lean; proposes cuts on jobs, spending and metaverse investment

Ahead of Meta’s release of its Q3 result this week, the company’s shareholder has urged the company to cut headcounts, reduce spending and limit investment in the metaverse, quoting the loss of confidence amongst investors.

Brad Gerstner, founder of Altimeter Capital, expressed disappointment in Meta’s sudden pivot to the metaverse and the company’s underperformance this year in an open letter.