So I am very unhappy because I've lost money on the deal. Altimeter Capital's Brad Gerstner Issues Open Letter to Meta (META) and Mark Zuckerberg Article Related Articles ( 4) Stock Quotes (1) October 24, 2022 8:20 AM EDT Tweet Share E-mail Get. The same is true for Microsoft, right? We simply wanted to further engage and continue sharing our thoughts as an interested shareholder. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Capital October 20, 2022 Risk & Capital. So take Snowflake as an example. WAPNER: Man, I love how honest you are and I know our viewers do as well. Altimeter Growth Corp., the blank-check company merging with internet giant Grab Holdings Inc., is hovering just a few cents above its record low after cratering 28% since the deal was unveiled in . In an open letter to CEO Mark Zuckerberg on Monday, shareholder Altimeter Capital Management urged Meta Platforms Inc., the parent company of Facebook, to streamline by eliminating positions and capital expenditures. Worse, this skepticism seemed to be affirmed with a nearly-immediate and sizable miss in financial results and continued under-performance throughout 2022. Meta needs to regain the confidence of investors, the public and employees, Altimeter Capital Management CEO Brad Gerstner said Monday in an open letterto Zuckerberg. The company explained that its goal has always been to "create hardware that's affordable for as many people as possible to take advantage of all that VR has to offer." Can it possibly be worth a trillion? What is the rate of increase? Chicago, IL 60606 It massively distorted multiples on the way in and it's massively distorting multiples on the way out. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. We didn't think that was durable. With all of that said, we believe the company can responsibly and reasonably reign in capex while continuing to invest aggressively in AI and other critical areas. 2023 CNBC LLC. WAPNER: Okay, that's a that's a big a bold call. Brad Gerstner, Founder and CEO of Altimeter Capital; former board member of Orbitz Worldwide; 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 . Of course, a company that connects nearly three billion users on phone and text must be investing in the next generation of communication. . Altimeter Capital partner Kevin Wang led the firm's investment in cloud data platform Snowflake in 2015 in its $45 million Series C round; he sat on its board until 2020. Barney Harford, former CEO of Orbitz Worldwide; former board member of Orbitz Worldwide and eLong; Like many other companies in a zero rate world Meta has drifted into the land of excess too many people, too many ideas, too little urgency. articles a month for anyone to read, even non-subscribers! Bill Ackman's: Pershing Square Capital Management. That could in fact become a tailwind as we get to the back half of the year. 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.. All Rights Reserved. Panel led by former SC judge to include NaBFID chair KV Kamath and Infys Nandan Nilekani. $6.9 M. committed hundreds of millions of dollars to Sequoia Capital, Altimeter Capital Management and Multicoin . Stock Radar: 19% from Budget Day! We further understand that ISDA assigned a unique identification code or ALID to each adherence letter that was accepted for the August 2012 Protocol or the March 2013 Protocol and that, in order to amend a Protocol Covered Agreement pursuant to: (i) Appendix 1 to this Protocol (which is intended to top up agreements made pursuant to the August 2012 Protocol), we must provide our August 2012 Protocol ALID below; or (ii) Appendix 2 to the Protocol (which is intended to top up agreements made pursuant to the March 2013 Protocol), we must provide our March 2013 Protocol ALID below: The move comes amid a decline in Meta's VR shipments and pressure from activist shareholders to improve the financial picture of its metaverse division. Please refer to the section on cookies in our Website Privacy Policy Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world. Moreover, Meta has industry leading capabilities in key future technologies like artificial intelligence and immersive 3d that will help drive new products and future growth. We're not in the business of being long or short bonds generally I'd put them on as a hedge against our growth exposure. WAPNER: I know I know you're not happy about it. To put that in perspective, it merely takes the company back to mid-2021 levels of employee expense and I dont think anybody would argue that Meta wasnt sufficiently staffed in 2021 to tackle a business that looks similar to how it looks today. It takes effect in 2023. But I am confident these companies like Snowflake, like Uber, like Facebook are going to be worth more than they are today at significantly more if you look out two years. What's going to be the inflation print in April? Investopedia does not include all offers available in the marketplace. We have little doubt investors and others would happily support scaling up these investments as the ROI becomes more tangible even if still long-term. As you know, we have attempted to work collaboratively with the current Board to meaningfully improve governance, Board composition, and oversight. Some companies require tremendous capex investment to maintain their existing business. 2-Year A ltimeter Growth Corp. 2, the second blank check company formed by Altimeter Capital targeting the tech sector, filed on Thursday with the SEC to raise up to $200 million in an initial public. He joins me live. At first glance, the rules of English capitalization seem simple. 2550 Sand Hill Road, Suite 150. Moreover, I am a strong supporter of founder-led companies especially when they have your successful track record of seeing the future. . Like many other companies in a zero rate world Meta has drifted into the land of excess too many people, too many ideas, too little urgency. In his open letter, Gerstner asked Meta to cap its expenditure on the metaverse to $5 billion a year from the current announced investment of $10-15 billion. And I appreciate you being with me on the very first "Overtime" show. If Meta was able to control those costs, he said, then it could double its free cash flow and improve its share price. Headquarters Location One International Place Suite 2400 Boston, Massachusetts, 02110, United States 617-310-6180 Suggest an edit Altimeter Growth Corp. raised $450 million in an October 2020 IPO. We believe that our conclusion is shared by many of United's long-suffering stockholders, customers, and 80,000+ dedicated employees. "An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards," Gerstner wrote. The reductions for the Quest Pro start March 5 in the U.S. and Canada, and on March 15 in other countries where it is supported. What Does Metaverse Mean and How Does This Virtual World Work? You got a lot of this right but multiples have come down a heck of a lot to this point. What is the metaverse and why are billions of dollars being spent on it? Can it possibly be worth 100 billion? So, its with some hesitation, but significant conviction, I am sharing an open letter strongly encouraging Meta to streamline and focus its path forward. 16,839 Followers. The lagging stock price under this Board's control and supervision directly reflects substantial underperformance in terms of operational reliability, customer satisfaction, market share, profitability, and return on invested capital. Altimeter Capital Chair and CEO Brad Gerstner, in an open letter to the company, said Meta has too many employees and is moving too slowly to retain the confidence of investors. Focusing the Metaverse: the Next Generation of Communication and Collaboration. Neither Altimeter, nor any of its affiliates or personnel, offers investment advisory services via the internet. 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. Right if the Fed raises rates 10 or 12 times given the demand destruction and the slowdown already underway in this country, we will be in a big recession come fall. It said Grab is expected to raise between. Benzinga does not provide investment advice. Conclusion A Leaner, Faster, More Successful Meta. Meta stock is down over 61% in 2022. Brad Gerstner's Altimeter Capital Management has between $300 million and $400 million in assets under management, and invests almost exclusively in the services sector. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Welcome to "Overtime.". Founder & Chief Executive Officer at Altimeter Capital . Southeast Asian superapp Grab is likely to set a world record by selling itself into a special purpose acquisition company, or SPAC, run by U.S. tech venture capital investors Altimeter Capital . Getting Fit Headcount Reduction / Expense Control. Right. It just launched in 150 countries, has over a billion views. There is no doubt that doubling annual FCF will improve share price. Wall Street closes sharply higher, notches weekly gains as Treasury yields ease, Morgan Stanley reaffirms Top Pick on Apple (AAPL) stock, sees catalyst-rich event path, Amazon (AMZN) pausing construction on second HQ in Virginia - Bloomberg, Broadcom Q1 results & guidance beat estimates; analysts praise 'stellar' execution, Dell reverses early gains on soft outlook; analyst reactions mixed, Embark Trucks (EMBK) to reduce workforce, explore strategic alternatives including liquidation, Ford Motor (F) Declares $0.65 Special Dividend; 4.5% Yield, Crypto firms behind Tether used falsified documents to maintain banking system access - WSJ, Altamira Therapeutics (CYTO) Reports Study Showing Bentrio's Superior Nasal Residence Time and Rheological Properties, Desktop Metal (DM) jumps on chatter of deal with Apple, Midday movers: C3 AI, Costco, Zscaler and more, Dell, Zscaler, ChargePoint fall premarket; Tesla, Hewlett Packard rise, After-hours stock movers: C3.ai jumps on results, Zscaler falls, Macy's, Salesforce and Okta rise premarket; Silvergate, Tesla fall, After-hours movers: Salesforce surges on beat, Silvergate falls on 'going concern' warning. Altimeter Capital Management, LLC a Portfolio Activity as reported in the most recent 13F form published on Dec 31, 2022. Regrettably, our efforts have led to our complete loss of confidence in the current Board, and to our firm determination that meaningful, stockholder-directed Board change is urgently required to serve the long-term best interests of United's stockholders, customers, and employees. And for us, we consolidate behind the things we have deep conviction in with confidence they're going to be worth more in the future. And Meta certainly has abundant financial resources to invest and / or return to shareholders. 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. "New Prices for Meta Quest 2s 256GB SKU + Meta Quest Pro. In the last 18 months, Meta stock is down 55% (compared to an average of 19% for its big-tech peers). ET on GuruFocus.com Builders Union LLP Buys AppLovin Corp, Match. Get your daily dose of business updates on WhatsApp. So were Shopify's and so were PayPal. But what is the right amount? All Rights Reserved. The answer to that is because people are very fearful. ISDA 2021 SBS Top-Up Protocol, Adhering Organization: SPACs notched more than $70 billion so far in 2021, a new record. But the fact of the matter is the entire market has evaporated around these types of stocks. Nobody debates whether or not this company is going to be more valuable in the future. Includes DocuBay and TimesPrime Membership. So, it doesn't surprise me at all that buyers are on the sidelines and that sellers and short sellers are having a field day with stocks. The conventional wisdom press and investor is that the core business hit a wall last fall. We are confident that these employees will find replacement jobs and quickly be back to work on important inventions that will move us all forward. PAR Capital Management, Inc. Do Not Sell My Personal Data/Privacy Policy. It's also a vote of less confidence about the company's ambitions in the world of virtual and augmented reality. But far from being a bad decision, we think the recommendations outlined above will lead to a leaner, more productive, and more focused company a company that regains its confidence and momentum. Comprender el funcionamiento social, poltico, econmico, cultural y natural de la sociedad a fin de reflexionar, hacer propuestas y asumir compromiso en torno a las polticas de desarrollo nacional, local y regional en el mbito del respeto de los derechos humanos, la integracin econmica y la convivencia social, bajo una concepcin de desarrollo humano sostenible. Contact. I think that this is a business that is investing in the right things. Facebook parent Meta Platforms (META) announced that it would reduce selling prices for its Quest virtual reality (VR) headsets. Experience Your Economic Times Newspaper, The Digital Way! And we've had government intervention of the magnitude. GERSTNER: Well, first let's talk about what took Facebook down, right? Altimeter's nominees are: Tina Sharkey, CEO of SherpaFoundry; former board member of HomeAway; and 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. 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. 15 And so we add on a fair amount of exposures we entered this year. Meta didn't immediately respond to a request for comment. You probably know you should capitalize proper nouns and the first word of every sentence. It's good to see you again. Brad Gerstner's Phone Number and Email Last Update. So I think they got to match the investment to the revenue growth of the business. An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards. In short, Meta needs to get fit and focused. And I've let the company know that, right? Meta reported in February that Reality Labs lost $13.72 billion in 2022. PLAN, Access the exclusive Economic Times stories, Editorial and Expert opinion, 90 Days Prime access worth Rs999 unlocked for you, Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors, Stock analysis. Rates are going up and we have a war. The stock today hit a new low under $3. 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. Brad Gerstner is the Founder & Chief Executive Officer at Altimeter Capital based in Boston, Massachusetts. But it's good to be here and and you know, while I think we we did see the normalization and multiples as a likely outcome toward the end of last year. browser. 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. CAPEX Investing Aggressively and Responsibly in the Future of AI. To read full story, subscribe to ET Prime, Billed annually at c/o Chairman Henry L. Meyer III 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. Conforti plans to join a new firm as a co-founder with. The last 10 years have been a unique time in tech and for Meta. If you look at the company, it's now trading at $5 billion enterprise value. Mar 11, 2021 3:07 PM EST. ", Jitesh Ubrani of market research firm IDCpointed outthat Meta's year-over-year VR shipments plunged 93% in the fourth quarter, while those of Pico from rival ByteDance rose 110%. To put that in perspective, excluding your large metaverse investment, Meta is investing more in capex than Apple, Tesla, Twitter, Snap, and Uber combined! These are not numbers on a spreadsheet. Get this delivered to your inbox, and more info about our products and services. Link to 13F filings: SEC filings GERSTNER: So, Scott that you know the top six names in our book are all companies that we believe are, you know, both accelerating, expanding margins, expanding free cash flow margins, right, and that are critically important and will be worth more in the future. I have deep respect and admiration for founders that continue to grind, inspire, and invent long after the financial motivation is gone. Got a confidential news tip? JavaScript in your web browser. And so that will be rolled out in Q2 and Q3. And frankly, they weren't a very good hedge because bonds haven't moved all that much but gross stocks are down 60, 70, as you mentioned, down over 80%. And so we're getting hurt like everybody else. Now they've told us that they're going to achieve 15% free cash flow margins this year, five years early, right, while still growing 100%. Altimeter Capital Management, LP Over the last three years, Meta has also dramatically increased its capital expenses. I have spent over 20 years investing behind some of the worlds great founders who are helping to invent the technologies that move the world forward. GERSTNER: Scott, I love that you asked the question. Why didn't you buy, you know, Uber at 28 bucks a share? 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. So first, you need to understand why did we see a deceleration of revenue because that informs why we're going to see a reacceleration in the back half of this year. Prior to Octahedron, Ram was a partner and portfolio manager at Altimeter Capital, a multi-billion dollar investment firm . A Division of NBCUniversal. Meta and other large companies have made it very difficult for start-ups to hire. That's the asymmetry. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. [2] The firm focuses on technology investments in both public and private markets globally. And frankly, I was going to play some sound from you from our Delivering Alpha event last September where you called a lot of this but I don't even have to do that anymore because you just went through it. BRAD GERSTNER: Hey, Scott, thanks for having me. So we're in the neighborhood of a tradable bottom. Instead, the company has announced investments of $1015B per year into a metaverse project that largely includes AR / VR / immersive 3D / Horizon World and that it may take 10 years to yield results. Recently Active; Top Discussions; Best Content; WSO Media; BY INDUSTRY; Investment Banking 3,30,700 crore) if it cut headcount by at least 20 percent, trimmed capital expenditure by at least $5 billion (roughly Rs. Read More . WAPNER: So let me talk about your overall exposure if I if I could because by last December, you had said you had taken most of your your shorts off and your long exposure was back up to 70%. Altimeter Capital launched its two SPACs in October and January, raising a combined $850 million between the two blank-check vehicles. Meta changed its company name from Facebook. If they just take the incremental cash they're going to generate this year and buy back shares that's 6% of the company Scott, let alone the 50 billion in cash they have sitting on the balance sheet. Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time. click here! "In short, Meta needs to get fit and focused.". I imagine they're going to be super aggressive about how they're buying back shares. I think, or inflation, I think they're behind the curve on recession. 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August 2012 Protocol ALID: 66703 It added that VR is "a powerful social platform and creative technology, and the more people with access to it, the better. Altimeter Capital Management LLC. At the end of the second. From Grand Teton to Universal Speech Translator to Make-A-Video, we are witnessing a Cambrian moment in AI, and Meta is no doubt well positioned to help invent and monetize that future. Based on yesterday's announcement, it seems the Board now agrees that for many years it operated with a suboptimal composition. Meta needs to re-build confidence with investors, employees and the tech community in order to attract, inspire, and retain the best people in the world. Is it done? The last 10 years have been a unique time in tech and for Meta. Capitalizing on the fund's VC success, Gerstner raised $450M for Altimeter Growth Corp (AGCUU), a blank check company IPO targeting the tech sector. It can compound its earnings and this that and the other but I need to know can it get back to that level. We dont have any demands. Meta and other large companies have made it very difficult for start-ups to hire. Chief Executive Officer With that said, we have a shortage of talent in Silicon Valley. When you look at these questions, it comes down to this. But I do believe that this company like the others that we talked about is going to be worth more in the future supported by real free cash flow. But admittedly, you know, nights like tonight we'll we'll get we'll catch a little less sleep. "We think the recommendations outlined above will lead to a leaner, more productive, and more focused company a company that regains its confidence and momentum," Gerstner wrote. 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. Revenue. The Meta investor recommended a plan to get the company's "mojo back," including reducing headcount expenses by 20% and limiting the company's pricey investments in "metaverse" technology VR software and hardware to no more than $5 billion per year. To put that in perspective, excluding your large metaverse investment, Meta is investing more in capex than Apple, Tesla, Twitter, Snap, and Uber combined! To put that in perspective, it merely takes the company back to mid-2021 levels of employee expense and I dont think anybody would argue that Meta wasnt sufficiently staffed in 2021 to tackle a business that looks similar to how it looks today. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Can they maintain their growth momentum? Ranked #76 out of 483 Hedge Fund Managers. 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But I think if you have a time horizon over the course of the one to three years, we see a lot of stocks in our universe that we not only think are going to end the year higher, but we think are going to be multiples higher as we look out over the next two to three years.
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