- Brad Gerstner suggests Mark Zuckerberg lower Metaverse investments.
- Brad recommends META in an open letter to reduce investment to $5 billion a year.
- He has urged META to focus more on AI than Metaverse.
Altimeter Capital’s founder recommended that CEO Mark Zuckerberg cut its Metaverse investments to $5 billion rather than investing $10-15 billion every year.
An open letter from Brad Gerstner, the founder of a giant technology investment firm, published on Oct. 24 remarks CEO Mark Zuckerberg’s Metaverse investment plan as “super-sized and terrifying.” According to Hedge Follow, the founder owns roughly a 0.11% share in Meta.
The shareholder has also requested the company to scale down its investment amid a fall in its last 18 months’ stock price.
Brad Gerstner stated that META has announced $10 billion to $15 billion investments per year into the Metaverse project, but may take a decade to yield results.
“An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards, ” Brad remarked. He has urged META to focus more on AI compared to Metaverse, further claiming that, it “has the potential to drive more economic productivity than the internet itself.”
“While most companies will struggle to monetize AI, we believe Meta is incredibly well positioned to leverage AI to make all of its existing products better,” he added further.
Gerstner also stated Meta’s stock has fallen 55% over the last 18 months compared to an average of 19% and elaborates on the lost confidence in META.
Gerstner isn’t the only person who thinks META’s investment in the future of the Metaverse is “uncertain” or “terrifying”.