Meta shareholders ask Mark Zuckerberg to stop “burning” money in the metaverse

The owner of Goal, Mark Zuckerbergyou want your company to set the standard in the metaverse and that is why it has invested billions of dollars in its development, a situation that has not been to the liking of all its partners, as some say it is a way to “burn” money.

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Through an open letteraddressed to the majority shareholder of the company that owns WhatsApp, Instagram and Facebookwhich was signed by Brad GerstnerCEO of Altimeter Capitalwhich owns 0.11% of Meta, Zuckerberg was asked to focus on what can generate profits and stop investing in something that represents a high risk.

The partner assured that his company supported the investment of more than $100 billion dollars in the metaverse, despite the skepticism surrounding it; however, he noted that rising expenses and falling stocks have caused him to change his point of view.

To improve the financial situation, Brad Gerstner proposed that Goal cut personnel costs by at least 20%, cut capital expenditures by $5 billion, and invest no more than $5 billion in the metaverse.

Likewise, he clarified that he does not intend for Mark Zuckerberg to stop investing in the virtual universe, but he did assert that it is necessary that more realistic objectives are set and that the investment is consistent to the resources that are generated and, in this way, it becomes a project “self-sustaining”.

The owner of Meta has been constantly criticized for the millions he has invested in the Metaverse and even the company’s workers have been skeptical and reluctant to use the technology.

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Meta shareholders ask Mark Zuckerberg to stop “burning” money in the metaverse