, he urged the Meta CEO to scale down its investment in the metaverse after the company posted its fourth straight decline in quarterly profit.
“The conventional wisdom—press and investor—is that the core business hit a wall last fall. As a result, the team hastily pivoted the company toward the metaverse—including a surprise re-naming of the company to Meta. Worse, this skepticism seemed to be affirmed with a nearly-immediate and sizable miss in financial results and continued under-performance throughout 2022,” said investor Brad Gerstner.
He wrote that in the last 18 months, Meta stock is down 55% . He shares that the decline “mirrors the lost confidence in the company”. Gerstner recommends Meta to “focus the company’s teams and investments”. This includes reducing headcount expense by at least 20%, reducingby at least USD 5 billion, as well as limiting investments in metaverse and Reality Labs to no more than USD 5 billion per year.
“Instead, the company has announced investments of USD 10–15 billion per year into a metaverse project that largely includes AR / VR / immersive 3D / Horizon World and that it may take 10 years to yield results. An estimated USD 100 billion+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards,” said Gerstner.have also said that the metaverse “feels like one big gamble”.
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