Will His AI Plans Be Any Different? Right? Focusing the Metaverse: the Next Generation of Communication and Collaboration. You would simply do R&D quietly and investors would focus on the core business and the breakthroughs in AI. Can it possibly be worth a trillion? Altimeter Growth Corp., the blank-check company merging with internet giant Grab Holdings Inc., is hovering just a few cents above its record low after cratering 28% since the deal was unveiled in . Those three companies are all down that amount because it turns out that this year people got off their couch, they went out and they went to restaurants and they went in and did things instead of buy things. How many dogs want to eat the dog food? Board of Directors c/o Chairman Henry L. Meyer III United Continental Holdings, Inc. . "Jitesh Ubrani: Tweet From March 3, 2023. To experience the full functionality of the ISDA website, it is necessary to enable Javascript in your Consumer confidence is plummeting. Get this delivered to your inbox, and more info about our products and services. Right. As such, we would encourage the company to move aggressively and cut at least 20% of employee-related expenses by January 1, 2023. To set a new and better course for the Company, and to give United stockholders the opportunity to elect the Board they deserve, Altimeter has delivered to you a notice today indicating its intention to nominate six highly qualified professionals led by former Continental Airlines CEO Gordon Bethune to the United Board at the 2016 annual stockholder meeting. Over the last three years, Meta has also dramatically increased its capital expenses. That was our baseline that we were going to have a relatively soft landing, three to four rate hikes. "Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world," Gerstner wrote in the letter. Look at another one that I know is in your book or at least it was Roblox is down 74% from its 52-week high. I can't tell you what's going to happen the next three days or the next three weeks or even three months. 2023 Benzinga.com. We didn't see the concerns emerging about hyperinflation about 10 to 12 rate hikes, and we certainly didn't see this tragic more unfolding on the doorstep of Europe. 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And Meta certainly has abundant financial resources to invest and / or return to shareholders. You got a lot of this right but multiples have come down a heck of a lot to this point. Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world. We want to hear from you. Ranked #76 out of 483 Hedge Fund Managers. United Urgently Needs a Course Correction: United's stockholders, customers, and employees deserve better Board governance, better Board leadership, and better Board performance. Meta (Facebook) Begins Biggest Layoffs in Company's History, Meta (META) Connect Conference Key Takeaways, Meta (Facebook) Shares Slammed as Earnings, Spending Disappoint. Investors in the round: 776 Capital, Altimeter Capital, BoxGroup, Dragoneer Investment Group, FirstMark, General Catalyst, Radcliff Group, ShawSpring Partners, SignalFire, The Baupost Group, Torch Capital, TQ Ventures If they just take the incremental cash they're going to generate this year and buy back shares that's 6% of the company Scott, let alone the 50 billion in cash they have sitting on the balance sheet. Background [ edit] In 2008, Brad Gerstner founded Altimeter Capital in Boston, Massachusetts. We simply wanted to further engage and continue sharing our thoughts as an interested shareholder. While the increased AI investment was clearly well timed, Metas investment in the metaverse, while smaller than the AI investment, has gotten the most attention and has led to much confusion. That stuff was being advertised on Instagram. . But the fact of the matter is the entire market has evaporated around these types of stocks. Privacy Policy, ISDA uses cookies to enhance your experience on our website. He said a 20% cut in employee spending would take Meta back to the levels of staffing it had last year and argued that the company can't spend as it used to since the cost of capital and interest rates have risen recently. Meta and other large companies have made it very difficult for start-ups to hire. The move comes amid a decline in Meta's VR shipments and pressure from activist shareholders to improve the financial picture of its metaverse division. 2023 International Swaps and Derivatives Association, Inc. When you look at these questions, it comes down to this. They were cratering ironically, now we're normalizing and growth stocks are down even more than they were at the start of COVID. But what is the right amount? That's why even the sell side consensus numbers have their growth rate accelerating, almost doubling between Q2 and Q4 of this year and we think it will accelerate even faster. Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world. About Altimeter Capital JavaScript in your web browser. WAPNER: I want to take a look at the stock in "Overtime" here because I think you're moving in I'm looking at what looks to be a higher move as we're having this conversation and that brings me frankly, now to Facebook. This is a region of 700 million plus people. Now that's what's going on in the business so all those people writing rest in peace epitaphs for Facebook are going to have to deal with that acceleration. If the company were investing $12B per year into this project, then that confusion might not even be a problem. So, it doesn't surprise me at all that buyers are on the sidelines and that sellers and short sellers are having a field day with stocks. In his open letter, Gerstner asked Meta to cap its expenditure on the metaverse to $5 billion a year from the current announced investment of $10-15 billion. Comprender el funcionamiento social, poltico, econmico, cultural y natural de la sociedad a fin de reflexionar, hacer propuestas y asumir compromiso en torno a las polticas de desarrollo nacional, local y regional en el mbito del respeto de los derechos humanos, la integracin econmica y la convivencia social, bajo una concepcin de desarrollo humano sostenible. It said Grab is expected to raise between. Every company I talked to is tightening its belts. Nobody debates whether or not this company is going to be more valuable in the future. Where's your exposure today? March 2013 Protocol ALID: 66704. Days Trial. So we've taken up our exposure, we've consolidated behind our five or six best ideas, we don't run leverage and so the bet for our LPs, I'm the largest LP in the fund. We were about 30% to 40% depending upon which basket you looked at software internet above the five-year average. click here! We have little doubt investors and others would happily support scaling up these investments as the ROI becomes more tangible even if still long-term. There are a lot of companies with speculative business models, right, that are should have never been valued where they were valued and if you don't have absolute conviction, right, they can grow their product, grow their top line and grow their earnings to match where those earlier prices were, then you need to rotate those dollars out of those companies and into companies where you have that level of conviction. I think that this is a business that is investing in the right things. Altimeter Capital Management, ISDA 2021 SBS Top-Up Protocol - Adherence. The industry leader for online information for tax, accounting and finance professionals. By any normal company or start up standard, $5 B per year would seem like an extraordinary amount. On Oct. 11, Meta announced a new high-end VR headset, the Quest Pro. It's a better version of Zoom. And frankly, I was going to play some sound from you from our Delivering Alpha event last September where you called a lot of this but I don't even have to do that anymore because you just went through it. That's what makes markets. You can learn more about the standards we follow in producing accurate, unbiased content in our. In the letter, Gerstner said Altimeter Capital doesn't have demands and simply wants to engage with Meta management. As always, we welcome the opportunity to engage in further discussions focused on this shared objective. Ultimately, we and the Board necessarily must share the same objective: maximizing long-term value creation for United's stockholders, customers, and employees. As such, we think during this period of growth transition and economic uncertainty, the company should decrease capex by at least $5B and maintain this discipline until revenues re-accelerate bringing our capex as a percentage of revenue more in line with our large cap peers. Mar 11, 2021 3:07 PM EST. A ltimeter Growth Corp. 2, the second blank check company formed by Altimeter Capital targeting the tech sector, filed on Thursday with the SEC to raise up to $200 million in an initial public. This company is perfectly positioned to capitalize on that they have the, the ad network to monetize it. And as a result, you know, last year we held up better than most because we own high-quality stocks, and we were short lower quality stocks. Perhaps it was the re-naming of the company to Meta that caused the world to conclude that you were spending 100% of your time on Reality Labs instead of AI or the core business. You know, I said on Twitter a few weeks ago, I don't think the Fed's behind the curve on rates. Meta stock is down over 61% in 2022. This compensation may impact how and where listings appear. 16,839 Followers. Barney Harford, former CEO of Orbitz Worldwide; former board member of Orbitz Worldwide and eLong; With Snowflake, the question as to whether or not that business is going to compound, I think is not one that many people will debate. A newly launched P2E adventure game, Chronos: Dawn of Tie, has introduced a series of brand-new PvP elimination tournaments.Last month, the whimsical battle game organized its beta stage featuring selected players. As always, happy to connect with you and your team. The stock today hit a new low under $3. We do not take job reductions lightly. 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