The silver lining is that unlike many companies, this popular narrative obscures the truth. And notably, this decline in share price mirrors the lost confidence in the company, not just the bad mood of the market. Your P/E ratio has fallen from 23x to 12x and now trades at less than half the average P/E of your peers. In the last 18 months, Meta stock is down 55% (compared to an average of 19% for its big-tech peers). Moreover, I am a strong supporter of founder-led companies especially when they have your successful track record of seeing the future. Despite public skepticism - at times warranted - we have been supporters of the company’s strategy to continuously reinvest in a product-led future and its mission to make the world more open and connected. Read the complete open letter here: Dear Mark, As you know, we are long-term shareholders.
Zuckerberg staff focus products meta stock free#
Altimeter mentioned that the annual free cash flow can be doubled to $40 billion if the company reduces headcount by at least 20%, trimmed capital expenditure by at least $5 billion to $25 billion a year and capped annual investment in the metaverse to $5 billion instead of the current $10 billion. Altimeter Capital Chair and CEO Brad Gerstner has written an open letter to Facebook-parent Meta CEO Mark Zuckerberg highlighting the need to streamline by cutting jobs and capital expenditure. He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.Just days after the news that Facebook may cut jobs, here's some more bad news for the company's employees. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg's own wealth dropped by $31 billion. Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg's long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 billion of value in a single day.
Meta's Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an "unprecedented level of competition," with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook's short-video product, he said.
At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta's weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, attempting to lighten the mood as Meta Platforms' stock price lost more than a quarter of its value. An anonymous reader shares a report: Mark Zuckerberg quipped that if he started to cry, it wasn't because of the day's news.
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