Altimeter Capital CEO: Meta should reduce headcount, investments in metaverse

Altimeter Capital Chair and CEO Brad Gerstner, a shareholder in Facebook parent company Meta, called on major changes at the company.

Gerstner said in an open letter that Meta should reduce its headcount expenses by 20% and cap spending on metaverse technology at $5 billion per year.

"Meta needs to rebuild confidence with investors, employees and the tech community in order to attract, inspire and retain the best people in the world," Gerstner wrote in the letter. "In short, Meta needs to get fit and focused."

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