Shareholders asked Meta to cut jobs and spending in an open letter to the CEO

In an open letter to Chief Executive Mark Zuckerberg, the shareholder Altimeter Capital Management said the Meta Platforms needs to streamline by cutting jobs and capital expenditure

Facebook’s parent company has lost investor confidence as it increased up spending and diverted to the metaverse. The technology-focused hedge fund with a 0.1 percent stake suggested a three-step plan to Meta.

Meta has hired thousands of employees and spent billions of dollars around the world to build the metaverse. This metaverse refers to a shared digital environment that uses virtual or augmented reality technology to make it feel more real.

But the dreams of the company have fallen short as the lab which works on virtual and augmented reality, the Reality Labs unit, has continuously reported staggering losses. The company lost $5.8 billion in the first six months of the year.