Meta shareholders: Zuckerberg to lower costs by firing employees!

According to the media reporter of Fars News Agency, quoted by The Hollywood ReporterMeta’s shareholder asked Mark Zuckerberg to lower Metaverse’s expenses and cut jobs.

The CEO of Altimeter Capital said that the parent company of Facebook and Instagram has run out of money and investors have lost confidence.

Altimeter Capital, the shareholder of Meta, has asked CEO Mark Zuckerberg to cut jobs in order to reduce the costs of Metaverse.

In an open letter shared Monday addressed to Zuckerberg, Altimeter Capital CEO Brad Gerstner said Meta had lost investor confidence because of its weak financial results last year and its recent pivot to augmented and virtual reality. has lost

To get back on track, Gerstner said, by Jan. 1, Meta would have to cut staff costs by 20 percent, reduce its capital expenditures by $30 billion to at least $25 billion, and cap its investments in the metaverse and “realty” by $5 billion annually. Lips” (virtual reality).

“Meta, like many other companies in a zero-rate world, has reached a stage of overspending: too many people and businesses, too many ideas and too little demand,” says Gerstner. This lack of concentration and proportionality is hidden when growth is fast, but fatal when growth slows and technology changes.

Meta’s spokesperson has not yet given an answer or reaction to the media in this regard.

Zuckerberg told employees and investors earlier this year that the company would cut its workforce. During the July earnings report, he said: “Many teams are shrinking and shrinking so that we can transfer energy to other departments within the company.”

Meta is scheduled to report its third quarter earnings on October 26. So far, despite all the extensive publicity that has been done globally for Meta and the world of Metaverse, the evidence shows that the financial situation and the expenses spent on this huge sector are not in favorable conditions and there is no bright future for this big project.

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