In a harsh criticism of Meta CEO Mark Zuckerberg, a key long-term investor in the company, he said the social network needs to cut more employees and stop overspending on the metaverse to regain its “mojo.”

In an open letter on Medium to Zuckerberg, Altimeter Capital Chairman and CEO Brad Gerstner said Meta needs to rebuild trust with investors, employees and the tech community to attract, inspire and retain the best people in the business. world. “In short, Meta needs to get in shape and focus.”

About the metaverse, he said that people are confused by what the metaverse means.

“If the company was putting $1-2bn a year into this project, then that confusion might not be a problem. You’d just do R&D quietly and investors would focus on…