Quick shot:

• A Meta shareholder has written an open letter asking the company to reduce spending on the metaverse.
• Altimeter Capital Chairman and CEO Brad Gerstner said the social media conglomerate has too many employees.
• Shares of Meta fell 3.5% in the early afternoon after Bank of America downgraded its rating from Buy to Neutral.

Shareholders are pressing Meta Platforms (NASDAQ:META) to cut spending after one of the investors wrote an open letter to the company and CEO Mark Zuckerberg asking him to move quickly to restore investor confidence. .

Altimeter Capital Chairman and CEO Brad Gerstner also said the social media conglomerate has too many employees.

Meta reported $48.5 billion in operating expenses for fiscal year 2021, up from $36.6 billion in 2020. According to the latest…