Slash headcount, limit spending on metaverse: Meta investor to Zuckerberg

Facebook-parent Meta's shareholder Altimeter Capital Management, in an open letter to CEO Mark Zuckerberg, said Meta needs to streamline by cutting jobs by 20% and capital expenditure by at least $5 billion/year. It added Meta has lost investor confidence as it spent a lot on the 'metaverse' technology. At the end of Q2, Altimeter held over 2 million Meta shares.