You probably know you should capitalize proper nouns and the first word of every sentence. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Meta changed its company name from Facebook to better focus on its VR hardware and software and is spending $10 billion per year on the technology. If the company were investing $12B per year into this project, then that confusion might not even be a problem. WAPNER: Man, I love how honest you are and I know our viewers do as well. After the pandemic, hospitals are now on a strong footing. Altimeter manages a long / short public equity fund and private growth equity funds. March 2013 Protocol ALID: 66704. And now we've shot right through the five-year average. Login The last 10 years have been a unique time in tech and for Meta. Subject: Meaningful Board Change Required Southeast Asian superapp Grab is likely to set a world record by selling itself into a special purpose acquisition company, or SPAC, run by U.S. tech venture capital investors Altimeter Capital . The facts are startling. PLAN, Access the exclusive Economic Times stories, Editorial and Expert opinion, 90 Days Prime access worth Rs999 unlocked for you, Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors, Stock analysis. Frankly, if I was Sea Limited, if I was Uber, I might be looking at consolidating the business. In preparation for its first-ever mass tournament, Chronos will feature a fantasy-theme RPG with the potential to earn prizes and a chance to win based on the classes of playable . And so we add on a fair amount of exposures we entered this year. They were buying goods, soccer balls on DICK's Sporting Goods and candles on Williams Sonoma. I'll acknowledge that Roblox and other names like that are in a much smaller, are in a much more perilous position in this market because they're not generating as much free cash as some of these other companies that I already mentioned. Panel led by former SC judge to include NaBFID chair KV Kamath and Infys Nandan Nilekani. About Altimeter Capital It's going to do 20 billion in GMV. Got a confidential news tip? Congrats on the new show. Getting Fit Headcount Reduction / Expense Control. I mean, two years ago we were we were having this conversation. 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 . Sincerely, As you know we entered the year with a big bond short, we've now covered that bond short because we don't think that it's possible for the Fed to raise rates 7,10, 12 times as some people think this year. 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. GERSTNER: Right Scott so that you know I started off by saying you know we've been beaten up this year like everybody else because I was covering shorts as we approach the five-year average. It is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people. Popular Searches. We simply wanted to further engage and continue sharing our thoughts as an interested shareholder. 2023 Benzinga.com. Why 20%? Altimeter Capital Chair and CEO Brad Gerstner said in an open letter to the company and CEO Mark Zuckerberg on Monday that Meta has too many employees and is moving too slowly to retain the confidence of investors. Oct 24 (Reuters) - Facebook-parent Meta Platforms Inc (META.O) needs to streamline by cutting jobs and capital expenditure, its shareholder Altimeter Capital Management said on Monday in an open letter to Chief Executive Mark Zuckerberg. I mean, we're talking about billions of dollars in revenue but you left that out. effective risk management for all users of derivative products. Its competitor or not its competitor, its closest comp in Southeast Asia Sea Limited is also down over 70%. We know Meta has more reach, more relevance, and more incredible opportunities for growth than almost any platform on the planet. In fact, our internet stock index is at a 10-year low and software is back nearly where we were in 2016 before the rerating of software occurred. 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. I have deep respect and admiration for founders that continue to grind, inspire, and invent long after the financial motivation is gone. Credit Derivatives Determinations Committees, how to enable Meta changed its company name from Facebook. But I do believe that this company like the others that we talked about is going to be worth more in the future supported by real free cash flow. Time to Get Fit an Open Letter from Altimeter to Mark Zuckerberg (and the Meta Board of Directors) | by Brad Gerstner @altcap | Medium 500 Apologies, but something went wrong on our end.. I think that this is a business that is investing in the right things. When you look at these questions, it comes down to this. United has an Underqualified, Ineffective, and Entrenched Board: While presiding over United's stunning long-term underperformance, we believe that the incumbent Board (and a majority of the newly-expanded 15-person Board): (1) lacks sufficient leadership, expertise, and experience to challenge management and hold management accountable, to direct an operational and financial turn-around, and to maximize stockholder value; (2) has entrenched itself by implementing various mechanisms to financially penalize stockholders for making meaningful Board changes; (3) has failed to adequately align management compensation with stockholder interests; and (4) is too stale to effectively represent stockholders. By any normal company or start up standard, $5 B per year would seem like an extraordinary amount. The firm's private equity arm makes all-stage venture capital investments, primarily in the technology sector. So these are different order of magnitude bets. We also believe Metas investment in AI will lead to exciting and important new products that can be cross-sold to billions of customers. I said IDFA which is the Apple changes right? GERSTNER: So let's talk for a second about what I called. 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. We've destroyed over $15 trillion of stock market wealth. Get your daily dose of business updates on WhatsApp. What am I supposed to think about that? Altimeter said such huge investments "in an unknown future is super-sized and terrifying, even by Silicon Valley standards". Now you didn't address any of the iOS changes and the revenue hit that Facebook is is assuming from that and those are legitimate changes. Ultimately, Gerstner said, Meta has too many people and is spending too much on capital expenditures. Experience Your Economic Times Newspaper, The Digital Way! Following careful consideration, we have firmly concluded that meaningful change to United's existing Board of Directors is urgently required in order to reverse long-standing poor Board governance and the resulting many years of substantial and inexcusable Company underperformance relative to United's competitors. Can it possibly be worth a trillion? Can it possibly be worth 100 billion? Dave Baszucki of Roblox describes the metaverse as the natural evolution of communication a multi-device world, including the phone, that is best thought of as a better version of text, video, and voice that will make us feel more connected. Focusing the Metaverse: the Next Generation of Communication and Collaboration. A Division of NBCUniversal. HONG KONG (AP) Southeast Asia's largest ride-hailing company, Grab Holdings, said Tuesday that it plans to merge with U.S.-based Altimeter Growth Capital in a deal that would value it at . The offers that appear in this table are from partnerships from which Investopedia receives compensation. Altimeter Capital. The same is true for Microsoft, right? . WAPNER: So let me talk about your overall exposure if I if I could because by last December, you had said you had taken most of your your shorts off and your long exposure was back up to 70%. 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. Rapid mobile adoption helped market leaders blaze through the s-curve with astounding growth rates and a historically low cost of capital made investments in people and things the rational economic decision. And we've had government intervention of the magnitude. I think, or inflation, I think they're behind the curve on recession. I have deep respect and admiration for founders that continue to grind, inspire, and invent long after the financial motivation is gone. This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes. Metas core business is one of the largest and most profitable in the world with over $45 B in operating profits last year alone. Includes DocuBay and TimesPrime Membership. Nobody debates whether or not this company is going to be more valuable in the future. I mean you have defended it at every turn from the issues that the company has had you you defended Mark Zuckerberg, you've defended Sheryl Sandberg and you you did it quite loudly on this program. What is the connection between those three companies. We worked hard on the deal and the timing was horrific. Please refer to the section on cookies in our Website Privacy Policy Learn the pros and cons of crowdfunding. We can just go through the list, Uber, Facebook, Roblox. The company has lost investor confidence as it ramped up spending and pivoted to the metaverse, the technology-focused hedge fund with a 0.1% stake said, and suggested a three-step plan. You got a lot of this right but multiples have come down a heck of a lot to this point. If you have a two-to-three-year time horizon, there is no doubt there are a lot of stocks that are going to be up well over 100% off this bottom. On Oct. 11, Meta announced a new high-end VR headset, the Quest Pro. Drew Angerer | Getty Images News | Getty Images, Meta needs to focus on its core business, not the Metaverse, says Sand Hill's Brenda Vingiello. As you know, we are long-term shareholders. All quotes delayed a minimum of 15 minutes. Now they've told us that they're going to achieve 15% free cash flow margins this year, five years early, right, while still growing 100%. 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.
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