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Despite public skepticism at times warranted we have been supporters of the companys strategy to continuously reinvest in a product-led future and its mission to make the world more open and connected. 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. Is it close to being done? 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. We have no stimulus checks. CNBC Exclusive: CNBC Transcript: Altimeter Capital Founder & CEO Brad Gerstner Speaks with CNBC's Scott Wapner on "Closing Bell: Overtime" Today Published Mon, Mar 14 20225:56 PM EDT Share. The cumulative benefit of the recommended adjustments outlined above would increase FCF by at least $20B in 2023 ($10B from people-related expense reduction, $5B from capex reduction, and $5B from reduced metaverse spend). Altimeter Capital owns about 2.46 million Meta shares. These are not numbers on a spreadsheet. With the gains posted on March 3, Meta Platforms shares are up 54% this year. Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! 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. will trigger a new window or tab to open. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Our six nominees have the necessary skills, leadership abilities, and relevant experience to catalyze a United course change and to help the Company realize its immense potential. I have deep respect and admiration for founders that continue to grind, inspire, and invent long after the financial motivation is gone. As you know, we have attempted to work collaboratively with the current Board to meaningfully improve governance, Board composition, and oversight. "Bloomberg Opinion" columnists offer their opinions on issues in the news. 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.. If Meta was able to control those costs, he said, then it could double its free cash flow and improve its share price. It lost $5.8 billion in the first six months of the year. We believe in this team. Its founder faces criminal and civil charges and goes to trial in October. And, while most companies will struggle to monetize AI, we believe Meta is incredibly well positioned to leverage AI to make all of its existing products better. The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn. Their last reported 13F filing for Q4 2022 included $3,652,571,000 in managed 13F securities and a top 10 holdings concentration of 99.95%. Focusing the Metaverse: the Next Generation of Communication and Collaboration. Chase Coleman's: Tiger Global Management. As always, happy to connect with you and your team. I would take it a step further and argue that these incredible companies would run even better and more efficiently without the layers and lethargy that comes with this extreme rate of employee expansion. Altimeter Capital Management, LLC. PLAN. If the deal goes through, it. 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. We're withdrawing trillions off the Fed's balance sheet. We have not made this difficult decision lightly, but after thorough, serious, and objective analysis, we feel compelled to act. Altimeter Capital launched its two SPACs in October and January, raising a combined $850 million between the two blank-check vehicles. https://www.cnbc.com/video/2022/03/14/we-could-go-lower-before-we-go-higher-in-stocks-says-altimeter-capitalas-ceo-brad-gerstner.html. Brad Gerstner is the Founder & Chief Executive Officer at Altimeter Capital based in Boston, Massachusetts. Unlock your 30 days free access to ETPrime now. QUARTERLY LETTER 2022 | Vol.1 1345 AVENUE OF THE AMERICA S 33RDFLOOR NEW YORK, NY 10105 HAYDENCAPITAL.COM HAYDEN CAPITAL 2 May 20, 2022 Dear Partners and Friends, The last six months have been extremely painful - by far, the worst period since we started Hayden. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We certainly our base case, as you know, was a soft landing four to five rate hikes into this year. Meta didn't immediately respond to a request for comment. But Meta needs to get its mojo back. WAPNER: Let me lastly ask you about Grab, the SPAC deal you did, biggest SPAC deal ever of $40 billion. Barney Harford, former CEO of Orbitz Worldwide; former board member of Orbitz Worldwide and eLong; Your Reason has been Reported to the admin. How many increases? We certainly are neither short-term traders nor activists. ISDA fosters safe and efficient derivatives markets to facilitate So take Snowflake as an example. What is the connection between those three companies. No matter how a company came public in 2021, let alone December of 2021, right, they've been obliterated. 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 don't think there's any chance that the Fed is going to raise rates 10 times this year. The last 10 years have been a unique time in tech and for Meta. It just launched in 150 countries, has over a billion views. And we are confident that your long-term investments in AI and the next generation of communications will continue to drive us all forward. Altimeter Capital's Brad Gerstner Issues Open Letter to Meta (NASDAQ: META) and Mark Zuckerberg. This heavy equipment maker is a good buy on dips stock; heres why, Tears from smokeless cooking gas as consumers continue to bear price hikes on top of subsidy cuts. And Meta certainly has abundant financial resources to invest and / or return to shareholders. 2023 CNBC LLC. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Recently Active; Top Discussions; Best Content; WSO Media; BY INDUSTRY; Investment Banking It massively distorted multiples on the way in and it's massively distorting multiples on the way out. But Meta needs to get its mojo back. Think about this, Scott. With all of this said, we truly believe that the company should be making some of these important investments. Grab Holdings is reportedly in talks to go public through a merger with a "blank check" company that could value the Southeast Asian ride-hailing startup at as much as . Altimeter Growth Corp. 2 raised $400 million in a January IPO. 2,06,700 crore) a year and capped annual investment in the metaverse to $5 billion (roughly Rs . Sign Up. Whatever the reason, that is certainly the perception. Altimeter Capital Management LLC. Credit Derivatives Determinations Committees, how to enable Stock Radar: 19% from Budget Day! We believe in this team. As you know, we are long-term shareholders. Based on yesterday's announcement, it seems the Board now agrees that for many years it operated with a suboptimal composition. ISDA fosters safe and efficient derivatives markets to facilitate effective risk management for all users of derivative products. Meta has also been feeling pressure to improve the finances of its Reality Labs, the company's metaverseunit, which includes the VR headsets. I think they have to take a look at their capital allocation plan. At the same time that Meta ramped up spend, you lost the confidence of investors. Portfolio Gain +273.45%. In addition, people are confused by what the metaverse even means. UPDATE: Altimeter Capital, PAR Capital Issue Letter to United Continental Board - United Airlines Holdings (NASDAQ:UAL) - Benzinga SPY 397.68 0.74% QQQ 293.61 0.83% BTC/USD 22299.46 5.109%. I've got some people including a guy coming up in a little while Mike Wilson who suggested at this point bonds may be a better deal than stocks. Link to 13F filings: SEC filings It said Grab is expected to raise between. Following is the unofficial transcript of a CNBC exclusive interview with Altimeter Capital Founder & CEO Brad Gerstner on CNBC's "Closing Bell: Overtime" (M-F, 4PM-5PM ET) today, Monday, March 14th for the premiere. And so we add on a fair amount of exposures we entered this year. After several years of growing tensions, the potential for a reset under Australia's new Labor government is in question as trade sanctions remain and diplomatic disputes persist. 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. So if you want to bet on the future of growth, Southeast Asia is one of the places you want to bet this is one of the dominant brands, dominant internet platforms, and it's got 7 billion of cash on the balance sheet. Altimeter Capital Management is a technology focused investment firm based in Menlo Park, CA and Boston, MA. All quotes delayed a minimum of 15 minutes. The stock today hit a new low under $3. Data is a real-time snapshot *Data is delayed at least 15 minutes. Chicago, IL 60606 Subject: Meaningful Board Change Required 2550 Sand Hill Road, Suite 150. 41,300 crore) to $25 billion (roughly Rs. I have been told that Amazon spent far less in total to build AWS. Altimeter LLC. Our best guess is that maintenance capex for Meta is less than $10B annually. We'll see you soon. So listen, I'm not happy about it.