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Those three companies are all down that amount because it turns out that this year people got off their couch, they went out and they went to restaurants and they went in and did things instead of buy things. 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. Capital October 20, 2022 Risk & Capital. Some companies require tremendous capex investment to maintain their existing business. WAPNER: Man, I love how honest you are and I know our viewers do as well. 2-Year And Meta certainly has abundant financial resources to invest and / or return to shareholders. Altimeter Capital Management, LP 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%. The stock today hit a new low under $3. 15 WAPNER: I know I know you're not happy about it. So no, these issues are rea,l what's going on in Russia is real, what's going on in Europe is real. The comp against IDFA was very difficult in Q1 and will again be difficult in q2. WAPNER: We're back now with Altimeter Capital's Brad Gerstner hanging out with us at "Overtime" today, You know, we talked about the magnitude Brad by which some of these stocks have come down and I'm looking at the, listen, it's not just Meta, obviously. There is no doubt that doubling annual FCF will improve share price. But the company's dreams have fallen short as the Reality Labs unit, which works on augmented and virtual reality, has continuously reported staggering losses. Potential Choices for HF Roles from Undergrad | Wall Street Oasis Q1 2021: 13 Largest Global Startup Funding Rounds - AlleyWatch Brad Gerstner's Altimeter Capital has an $8B profit on Snowflake. A new All Rights Reserved. Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. "In short, Meta needs to get fit and focused.". 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. Of course, a company that connects nearly three billion users on phone and text must be investing in the next generation of communication. There isnt a day that goes by where I dont find myself using Metas products to communicate, to connect, and to entertain still amazed at the power of these services. 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%. Brad, thank you. BRAD GERSTNER: Hey, Scott, thanks for having me. WAPNER: Speaking of going higher up, you see what interest rates are doing today after sitting in a tight spot, they've started to move to 11. PAR Capital Management, Inc. Do Not Sell My Personal Data/Privacy Policy. We simply wanted to further engage and continue sharing our thoughts as an interested shareholder. 3,30,700 crore) if it cut headcount by at least 20 percent, trimmed capital expenditure by at least $5 billion (roughly Rs. Samooha, a startup developing a "cross-cloud" data collaboration platform, today announced that it raised $12.5 million in a funding tranche backed by Altimeter Capital and Snowflake Ventures . All quotes delayed a minimum of 15 minutes. Altimeter Capital Management, LLC. Altimeter SPAC Has Reported $40 Billion Deal for Ride-Hail Company Grab c/o Altimeter Capital Management, LP. Got a confidential news tip? The technology-focused hedge fund with a 0.1% ownership claimed that the company had lost investor confidence as it increased . An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards. If the deal goes through, it. 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. In fact, our internet stock index is at a 10-year low and software is back nearly where we were in 2016 before the rerating of software occurred. As such, we would encourage the company to move aggressively and cut at least 20% of employee-related expenses by January 1, 2023. Choose your reason below and click on the Report button. That's because enterprises love their product. Altimeter's nominees are: Meta shareholder wants Facebook parent to cut jobs, spending Hedge Fund Manager. Ultimately, Gerstner said, Meta has too many people and is spending too much on capital expenditures. They're building their own ad platform, right, that can deal with this. It lost $5.8 billion in the first six months of the year. We have little doubt investors and others would happily support scaling up these investments as the ROI becomes more tangible even if still long-term. Altimeter Capital Management LP Info Size ($ in 1000's) At 12/31/2022: $3,652,571 At 09/30/2022: $4,676,285 Altimeter Capital Management LP holdings changes, total fund size, and other information presented on HoldingsChannel.com was derived from Altimeter Capital Management LP 13F filings. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. The letter is the latest sign that Meta investors are starting to express reservations about the company's recent performance. But the fact of the matter is the entire market has evaporated around these types of stocks. You do, you do great work, excited for the new show and let's stay after it. Usually you don't capitalize after a colon, but there are exceptions. Altimeter Capital's Brad Gerstner Issues Open Letter to Meta (NASDAQ: META) and Mark Zuckerberg. 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. It will get there three years from now because it's free cash flow margin will continue to expand and if you just get it, give it the multiples that are currently in the market, right, that have already drawn down on free cash flow, you get to that 3X that I quoted. Sign Up. I have deep respect and admiration for founders that continue to grind, inspire, and invent long after the financial motivation is gone. I think, or inflation, I think they're behind the curve on recession. So we believe not only you're going to get dramatically accelerated earnings, right, we think they're going to be a little bit more cautious about how they're spending those meta investment dollars, how they're spending dollars across the business. Can it possibly be worth 200 billion? 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. Open letter: Altimeter Capital founder and CEO Brad Gerstner encourages Meta to cut capex by $5B+, cut headcount by 20%+, and limit metaverse R&D to $5B/year As you know, we are long-term shareholders. All rights reserved. The firm also considers investments in the consumer products and services, gaming, retail, and transportation sectors. Grab Reportedly Set to List in US Via SPAC Merger at $35 Billion Valuation Altimeter Growth Corp. raised $450 million in an October 2020 IPO. And, while that ultimately is an important long-term measure of success for all of Metas stakeholders, it would be imprudent to make short-term bad decisions just to improve the share price. So you know, when I look at what's going on in the business and I try to distill it from the noise, which is what has made us good for 20 years, not following the crowd, not panicking, but really looking at the business. These times are what try people if you dig a hole and get into the hole here at the bottom after having lost, you know, my sense is you're locking in losses that you're going to come to regret. Indias general insurers are looking to set up a larger marine insurance pool to cover the risks of transporting crude oil, edible oil, project machinery and fertiliser from the war-torn Russia-Ukraine region. Some companies require tremendous capex investment to maintain their existing business. It was being purchased on the Shopify platform and people were using PayPal to check out. But as you know, in the first three months of this year, all the high-quality stocks are being destroyed as well. I don't think Mark did a particularly good job of explaining the meta investments. Or it's well over a trillion, Microsoft 3 trillion. 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. The firm's private equity arm makes all-stage venture capital investments, primarily in the technology sector. As you know, we are long-term shareholders. In short, Meta needs to get fit and focused. And I've let the company know that, right? Meta Platforms (META) shares jumped 6% after the tech giantannouncedbig price cuts for its virtual reality (VR) headsets. We do not take job reductions lightly. We have not made this difficult decision lightly, but after thorough, serious, and objective analysis, we feel compelled to act. The Wall Street Journal reported on Thursday that Grab was in talks with Altimeter. The Meta investor recommends a plan to get the company's "mojo back.". Altimeter Capital Management, ISDA 2021 SBS Top-Up Protocol - Adherence. I mean, two years ago we were we were having this conversation. Altimeter.com is Altimeter's only website. And notably, this decline in share price mirrors the lost confidence in the company, not just the bad mood of the market. He left GC and became co-CEO of NLG, an early online travel start-up purchased in part by IAC.He co-founded Openlist.com, a local search start up that was self-funded and sold to Marchex (Nasdaq: MCHX);He was a partner at PAR Capital, a multi-billion hedge. Brad Gerstner Wiki: Facts about the CEO OF Altimeter Capital How big is that market? To put it in perspective, Roblox was a couple percent position for us, right, and Snowflake was a 30% position for us. You got a lot of this right but multiples have come down a heck of a lot to this point. At the end of the second. Brad Gerstner, Founder and CEO of Altimeter Capital; former board member of Orbitz Worldwide; 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. browser. So listen, I'm not happy about it. 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.

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