Major Meta shareholders are furious that CEO Mark Zuckerberg has continued to pour billions into his struggling metaverse initiative despite their concerns, according to a report on Monday.

The company further alarmed investors last week after warning that losses from its Reality Labs division, which is building the metaverse, would “grow significantly” next year, while overall capex would rise to as much as $39 billion. .

The revelations, along with another dismal quarterly report, prompted shareholders to vent their anger in post-earnings meetings with top Meta executives, The Financial Times reported. A source familiar with the talks said there was a palpable “sense of frustration” over Meta’s rampant spending.

“If any other company…