Meta shareholder wants Facebook parent to cut jobs, spending

FILE PHOTO: The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann

(Reuters) -Facebook-parent Meta Platforms Inc 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.

The company has lost investor confidence as it ramped up spending and pivoted to the metaverse, the technology-focused hedge fund with a 0.1% stake said, and suggested a three-step plan.