Venture capitalist Jim Breyer said Thursday that Meta Platforms (NASDAQ: GOAL) is “going to be under a lot of pressure” over the next 12 months, weighed down by high costs and a slow conversion to the company’s metaverse offerings.

Speaking to CNBC, the CEO of Breyer Capital said a “big rally” for the stock is possible over the next 24 months, but the company will continue to face near-term pressure in 2023.

“In my humble opinion, they’re not cutting costs fast enough,” Facebook’s early investor said, adding that “the metaverse is years away.”

Elaborating on his views on the metaverse, Breyer predicted that some of META’s biggest tech rivals will have an advantage in space any time soon.

“VR is going to be a big deal this…