Meta shareholder says company’s investment in the metaverse was “super-sized and terrifying”
Join Our Telegram channel to stay up to date on breaking news coverage A shareholder has penned an open letter to the CEO of Meta, Mark Zuckerberg. According to the shareholder, Meta’s investment into the metaverse was “super-sized and terrifying.” Shareholder concerned with Meta’s large stake in the metaverse The open letter was written by the CEO and founder of Altimeter Capital, Brad Gerstner. Altimeter Capital owns a stake of around 0.11% in Meta. Gerstner published the letter on October 24 and addressed it to Zuckerberg. According to the shareholder, Meta needed to reduce its investments in the metaverse and technology division amid a steady drop in Meta’s stock prices over the past 18 months. Gerstner has said that while Meta’s venture into the metaverse was crucial, it should not demand the amount of investment it was currently getting. He noted that Meta was dedicating $10 billion to $15 billion annually to its metaverse project. Ho...