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☆ Meta Investor Urges CEO Mark Zuckerberg to Slash Staff and Cut Costs
▼ + stars: | 2022-10-24 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

Meta Chief Executive Mark Zuckerberg spoke during the virtual Meta Connect event in New York this month. An investment firm said in an open letter to Mark Zuckerberg on Monday that Meta Platforms Inc. should slash staff and pare back its metaverse ambitions, in a sign of rising discontent among shareholders. Altimeter Capital Chief Executive Brad Gerstner wrote that Mr. Zuckerberg needs to take drastic steps to streamline Meta’s operations and address a steep drop in the share price.

☆ At least one big investor is calling for Mark Zuckerberg to throw in the towel on the metaverse, saying Meta 'lost the confidence of investors'
▼ + stars: | 2022-10-24 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg's multi-billion dollar metaverse investment has drawn ire from at least one prominent tech investor. Brad Gerstner from Altimeter Capital published an open letter, telling Meta it has "lost the confidence of investors." Gerstner suggested layoffs and limiting the company's metaverse investment for Meta to regain "focus." At least one prominent investor is now encouraging Meta to cut back on its massive investment in Reality Labs, its metaverse project, saying the company has "lost the confidence of investors." Earlier this month, Zuckerberg presented the company's latest updates to Reality Labs, which many found disappointing.

☆ Investor calls on Meta to slash headcount, slow metaverse spending
▼ + stars: | 2022-10-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

The letter is the latest sign that Meta investors are starting to express reservations about the company's recent performance. "In addition, people are confused by what the metaverse even means," Gerstner wrote. "An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards," Gerstner wrote. Ultimately, Gerstner believes that Meta has too many people and is spending too much on capital expenditures. In the letter, Gerstner says that Altimeter Capital doesn't have demands and simply wants to engage with Meta management.

☆ Adidas is on the hot seat to cut ties with Kanye West
▼ + stars: | 2022-10-24 | by ( Jon Sarlin | ) edition.cnn.com time to read: +6 min

Balenciaga and Vogue publicly cut ties last week, and on Monday talent agency CAA dropped West as a client, and production company MRC said that it’s shelving a documentary on West. Celebrities including Kat Dennings, Josh Gad and Meg Stalter condemned Adidas for sticking by West. We are waiting @adidas,” read Shannon Watts’ tweet in response to the incident that received more than 100,000 likes. Earlier this month after West wore a “White Lives Matter” shirt in public, Adidas said that it was reviewing its lucrative partnership with his Yeezy brand. With pressure mounting and West’s hate campaign against Jewish people continuing, it seems the question is when, not if, Adidas will cut ties.

☆ Here's what to look for when the Club's 5 tech holdings report this week
▼ + stars: | 2022-10-24 | by ( Paulina Likos | ) www.cnbc.com time to read: +12 min

The world's biggest tech companies will be put under the microscope this week when they report earnings for the quarter ended Sept. 30. Club holdings Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Apple (AAPL) and Amazon (AMZN) have all been bogged down by inflation, weaker consumer demand and a slowing global economy. Here's what to expect when all 5 tech holdings report. At the same time, Goldman analysts predicted Microsoft's enterprise cloud computing business, Azure, would remain competitive, with 38% year-over-year growth. Apple (AAPL) Apple is set to report fiscal fourth-quarter results on Thursday.

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