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$meta stock holders are confronting Zuck's spending on metaverse.https://t.co/L86jdCK4O4
— Mallik (@mallik70) October 24, 2022
Altimeter Capital's Brad Gerstner said Meta has too many employees and is moving too slowly to retain the confidence of investors. https://t.co/gICwth4kQp
— CNBC (@CNBC) October 24, 2022
Meta shareholder writes critical open letter saying the company needs to slash headcount and stop spending so much money on the 'metaverse' https://t.co/a4pOKrmQS9
— CNBC (@CNBC) October 24, 2022
Investor calls on Meta to slash headcount, slow metaverse spending https://t.co/uWjqX2pBIU
— CNBC (@CNBC) October 24, 2022
Zuckerberg's spending 'terrifying, even by Silicon Valley standards' https://t.co/Gz79DMPQdj pic.twitter.com/8ZCt3rWmyJ
— New York Post (@nypost) October 24, 2022
In a way it’s rude that these guys named their company GoPuff. Twitter is better when startups make you work for the joke
— Casey Newton (@CaseyNewton) October 24, 2022
$META Hard to take advice from someone who's top holdings include $ME $OPEN and $GRAB, all down over -80%. https://t.co/kWIBfCr1tN pic.twitter.com/3fZoZNFxt1
— Q-Cap (@qcapital2020) October 24, 2022
First from Gary Black to $TSLA and Elon
— Mads Capital (@MadsCapital) October 24, 2022
Now from Gerstner to $META and Zuck
You get the shareholder control you deserve https://t.co/Xz937WTseK
🔥 “It is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people” via @altcap https://t.co/56Rmo78lIN pic.twitter.com/YkTXMUMWC6
— modest proposal (@modestproposal1) October 24, 2022
".. Meta has drifted into the land of excess — too many people, too many ideas, too little urgency. .. Meta needs to get its mojo back." - @altcap $META https://t.co/VlwQrRQN1E
— Carl Quintanilla (@carlquintanilla) October 24, 2022
Couple thoughts:
— modest proposal (@modestproposal1) October 24, 2022
1. They are large investors in META and UBER, so clearly have spent time looking closely and doing checks. “Poorly kept secret” means everyone knows
2. They are well connected in SV. Speaking out publicly gives cover to other investors thinking the same thing
We just published an Open Letter to Mark Zuckerberg and the Meta Board urging them to tighten their belt and sharpen their investment focus. The plan would 2x annual FCF to $40B, double down on AI, and put a cap on metaverse related investments. https://t.co/jcvyRyWMjg
— Brad Gerstner (@altcap) October 24, 2022
$META trades at a 12 P/E & less than 3X P/R, well below big tech peers. Why? E & R don’t drive stock prices, FCF does (see @mjmauboussin). @altcap steps out on an unprecedented limb to highlight. Last 5 years encouraged behavior that is hard to “unlearn.” https://t.co/Bna3d7d4Ry
— Bill Gurley (@bgurley) October 24, 2022
New rule: no ceos tweeting journalism for the engagement without linking to it https://t.co/MARybqIsfX https://t.co/4VsGGoy0Ep
— Mark Bergen (@mhbergen) October 24, 2022
2/2
— Scott Wapner (@ScottWapnerCNBC) October 24, 2022
“I have had constructive conversations w Mark and the company - they know my views - and hopeful they will begin making some of these important changes.” https://t.co/onYtF7wKFb
Beginning to think that startup founders may not do their best thinking in intracoastal mansions in Miamihttps://t.co/cuojXkTGhZ pic.twitter.com/6kYCoCFiZ8
— Casey Newton (@CaseyNewton) October 24, 2022
This advice will look incredibly stupid in just a few months. https://t.co/MBY5HjWyTR
— Robert Scoble (@Scobleizer) October 24, 2022
Activist investors have asked Meta to cut spending after stock price drops 55% in 18 months compared to 19% for tech peers.
— Dare Obasanjo (@Carnage4Life) October 24, 2022
Headline asks are for 20% layoffs and Metaverse spending reduced to $5B per year from $10B-$15B announced previously.
It’s on.https://t.co/5QbEn3NHHL
Is there anything more ironic than being told that your company has drifted into the ‘land of excess’ by the SPAC-peddling king of easy money chasing himself? @altcap https://t.co/5yR0DBYlRd pic.twitter.com/ehbA69oMLD
— Snarky PM (ex-a16z) (@JetSkiGolfLife) October 24, 2022
This should not be surprising for those who have heard @bgurley warn about the distortions of excess. A culture of scarcity unlocks innovation. Apple has plenty of innovation despite returning > 100% of its $100B of FCF to investors. https://t.co/w2NBF3a2UM
— Brad Gerstner (@altcap) October 24, 2022
Open letter to Facebook/Meta: Cut headcount, cut hosts, "Get fit"
— Jeremiah Owyang | jowyang.eth, jowyang.sol (@jowyang) October 24, 2022
Related: Musk to fire 75% of Twitter staff (as if content quality issues aren't already a problem)https://t.co/JHXPCNP9qX
"Like many other companies in a zero rate world — Meta has drifted into the land of excess — too many people, too many ideas, too little urgency." writes @altcap, demanding Meta limit metaverse spending to $5 billion/year. https://t.co/tTCCqPwSN5
— Alex Kantrowitz (@Kantrowitz) October 24, 2022
Open Letter from @altcap to @finkd and the @Meta Board of Directors
— Mariano Amartino (@amartino) October 24, 2022
- Reduce headcount expense by at least 20%
- Reduce annual capex from $30B to $25B
- Limit investment in metaverse / Reality Labs to no more than $5B per year. https://t.co/qXYuSsnZ6w
I will have more on this today on @HalftimeReport https://t.co/onYtF7NNHb
— Scott Wapner (@ScottWapnerCNBC) October 24, 2022
big shareholders getting very jumpy about the billions FB is spending on metaverse and recent hiring. Altimeter suggests 20 percent headcount cut https://t.co/JyVgUkXhao
— farhad manjoo (@fmanjoo) October 24, 2022
What an interesting approach from a long term investor, Brad Gerstner, Founder and CEO @AltCapVC, to give direct feedback to Zuckerberg about recent bad management decisions. Are other, more discreet, channels no longer available to @altcap?
— Lou Paskalis 🇺🇸 (@LouPas) October 24, 2022
Read: 👇🏼👇🏼https://t.co/uATExJHAeN
1/2
— Scott Wapner (@ScottWapnerCNBC) October 24, 2022
On his open letter to $meta founder Mark Zuckerberg and the Board, @altcap tell me:
“The letter speaks for itself. The age of excess is over - big tech companies need to lose some weight and get into shape to earn the right to win the next major wave of innovation… https://t.co/onYtF7NNHb
If only shareholder governance mattered in a dual share company, the irony is that web3 is emulating the same distortionshttps://t.co/3l6zCjVuoH
— Maya Zehavi (@mayazi) October 24, 2022
targeted ads 🦋🫲 investors
— pedram (@pdrmnvd) October 24, 2022
*is this ai?* https://t.co/hywVRdaSqb pic.twitter.com/wB0krFyH33
This letter puts a big headcount reduction at $META in the bag.
— John S. Boyd (@johnsboyd) October 24, 2022
I'd guess 20-30% RIF.https://t.co/4CijG6bytH
With all due respect to @mjmauboussin & @bgurley FCF is not the answer as long as $META fails to articulate a more precise and actionable grand strategy for the company, and simply saying “we will lead/invest in AI/Metaverse/etc.” or “we will tighten our belts” is not enough.. https://t.co/IoHqkHex4i
— Paul Nary (@ProfPaulNary) October 24, 2022
#Meta Should Cut Staff 20% And Slash Spending On The #Metaverse, Investor Sayshttps://t.co/EnA1k3sVhD#Web3 #IoT #Technology #NFTCommunity #LUNC #TechForGood#InternetofThings #Cloud #LunaClassic #DataScience #Flutter #5G
— Dr. Robin Kiera (@stratorob) October 24, 2022
Meta shareholder tells company to cut staff, 'get fit and focused' https://t.co/AsBcFYqLlb
— Bo Snerdley (@BoSnerdley) October 24, 2022
Zuckerberg's spending 'terrifying, even by Silicon Valley standards' https://t.co/S1dCN2HUvc pic.twitter.com/QvzhtKTe6P
— New York Post (@nypost) October 25, 2022
Less metaverse and more layoffs: A #Meta investor just wrote a scathing open letter to the company telling it to get its ‘mojo back’ as Meta has dropped out of One Billion Dollar Club and lost 66% from ATH. https://t.co/wXhKFUn2WD pic.twitter.com/npczQIeOra
— Holger Zschaepitz (@Schuldensuehner) October 24, 2022