It's our largest position in the book. We also reference original research from other reputable publishers where appropriate. Meta stock is down over 61% in 2022. Altimeter Capital Management LP lifted its position in shares of SEA by 128.0% during the first quarter. 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: To accomplish this goal, we recommend a three step plan that will double FCF to $40 B per year and focus the companys teams and investments: Getting Fit Headcount Reduction / Expense Control. We know they have high EBITDA margins on the rideshare business which is dominant across the region. 'Super-Sized and Terrifying': Zuckerberg's $100B Metaverse Gamble Why 20%? That's because enterprises love their product. Altimeter Capital Chair and CEO Brad Gerstner said in an open letter to the company and CEO Mark Zuckerberg on Monday that Meta has too many employees and is moving too slowly to retain the confidence of investors. About Kevin Wang. That stuff was being advertised on Instagram. Investors in the round: 776 Capital, Altimeter Capital, BoxGroup, Dragoneer Investment Group, FirstMark, General Catalyst, Radcliff Group, ShawSpring Partners, SignalFire, The Baupost Group, Torch Capital, TQ Ventures Altimeter manages a long / short public equity fund and private growth equity funds. I'm not a seller. Get your daily dose of business updates on WhatsApp. Our best guess is that maintenance capex for Meta is less than $10B annually. As you know, we are long-term shareholders. We did not see this talk of 10 rate hikes and we certainly didn't see a war developing in Europe. After all, why not hire more people and invest in more things when the cost of capital was near zero and growth seemed unlimited? Portfolio Gain +273.45%. Your P/E ratio has fallen from 23x to 12x and now trades at less than half the average P/E of your peers. By any normal company or start up standard, $5 B per year would seem like an extraordinary amount. 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. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. To experience the full functionality of the ISDA website, it is necessary to enable Javascript in your BRAD GERSTNER: Hey, Scott, thanks for having me. As such, we think during this period of growth transition and economic uncertainty, the company should decrease capex by at least $5B and maintain this discipline until revenues re-accelerate bringing our capex as a percentage of revenue more in line with our large cap peers. My bet is we're gonna have less this year. CNBC Exclusive: CNBC Transcript: Altimeter Capital Founder & CEO Brad 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. We have $130 oil and $6 gas at the pump. Of course, a company that connects nearly three billion users on phone and text must be investing in the next generation of communication. SEC.gov | HOME Meta reported in February that Reality Labs lost $13.72 billion in 2022. About Altimeter Capital Altimeter is a leading technology focused investment firm based in Silicon Valley with over $15 billion in assets from endowments, foundations, and family offices. Brad, thank you. Instead, they grew at 106%. All of China internet down over 80%. This is a business it's trading at 12 times free cash flow, X the meta investment and 18 times including. It did not specify which of Alitmeter's SPACs Grab was in talks with. HONG KONG (AP) Southeast Asia's largest ride-hailing company, Grab Holdings, said Tuesday that it plans to merge with U.S.-based Altimeter Growth Capital in a deal that would value it at . I think if you said why might these numbers have to come down if we're heading into a recession, the numbers are likely to come down. At the start of COVID on March 26th when I felt about like I do today, growth stocks were under assault. ", 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%. Let me tell you the bear case on Facebook, okay, the bear case on Facebook and other ad models like Google is that we're running headlong into a massive recession. 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 think both of those are solvable. Even excluding its large metaverse investment, Meta has gone from $15B in annual capex in 2018, 2019, and 2020 to $30B in annual capex in 2022. Chief Executive Officer Grab to list in US via $40 bln merger with Altimeter Growth Board of Directors c/o Chairman Henry L. Meyer III United Continental Holdings, Inc. . Bruce Berkowitz's: Fairholme Capital Management. That's what makes markets. Altimeter Capital Management, LLC a Portfolio Activity as reported in the most recent 13F form published on Dec 31, 2022. ISDA fosters safe and efficient derivatives markets to facilitate Brad Gerstner, the CEO of Altimeter Capital and a Meta investor, wrote in an open letter to the company in October that Meta needs to "get fit and focused," and he was critical of the hefty. Investopedia requires writers to use primary sources to support their work. Congrats on the new show. Founder & Chief Executive Officer at Altimeter Capital . Conclusion A Leaner, Faster, More Successful Meta. We dont have any demands. At the same time that Meta ramped up spend, you lost the confidence of investors. You know, I said on Twitter a few weeks ago, I don't think the Fed's behind the curve on rates. We want to hear from you. I have been told that Amazon spent far less in total to build AWS. 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. Bill Ackman's: Pershing Square Capital Management. We simply wanted to further engage and continue sharing our thoughts as an interested shareholder. What is the metaverse and why are billions of dollars being spent on it? United has an Underqualified, Ineffective, and Entrenched Board: While presiding over United's stunning long-term underperformance, we believe that the incumbent Board (and a majority of the newly-expanded 15-person Board): (1) lacks sufficient leadership, expertise, and experience to challenge management and hold management accountable, to direct an operational and financial turn-around, and to maximize stockholder value; (2) has entrenched itself by implementing various mechanisms to financially penalize stockholders for making meaningful Board changes; (3) has failed to adequately align management compensation with stockholder interests; and (4) is too stale to effectively represent stockholders. The Singaporean rideshare giant Grab is set to merge with the SPAC Altimeter Growth 1, according to a report from The Financial Times. Brad Gerstner founded the. He defied expectations and made profits on Priceline, Expedia, Uber, Twilio, and Hubspot. It's a better version of Zoom. I have been told that Amazon spent far less in total to build AWS. The definitions and provisions contained in the Protocol Agreement are incorporated into this Adherence Letter, which will supplement and form part of each Protocol Covered Agreement between us and each other Adhering Party. To read full story, subscribe to ET Prime, Billed annually at 2550 Sand Hill Road, Suite 150. In fact, we believe that augmented and artificial intelligence has the potential to drive more economic productivity than the internet itself. 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. Can they maintain their growth momentum? Over time, we intend to share with United's stockholders our detailed analysis, which has led us to conclude, among other things, that: The average tech IPOs down almost 50% from last year, SPACs much worse, direct list bad, all stocks that were taken public last year now it's clear were overvalued relative to where the world is trading them today. 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. Samooha launches with tech that lets companies securely share data As such, we would encourage the company to move aggressively and cut at least 20% of employee-related expenses by January 1, 2023. Mark Zuckerberg is a self-made billionaire and the CEO of Meta (formerly Facebook), which he co-founded in his dorm room in 2004. PLAN, Yearly 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. And so, for our LPs, the bet is simple. Everybody knows we've been in this company for a long time. What Does Metaverse Mean and How Does This Virtual World Work? As I look at it, the market is now pricing in at least seven rate hikes. All quotes delayed a minimum of 15 minutes. Altimeter Capital Management is a technology focused investment firm based in Menlo Park, CA and Boston, MA. We know Meta has more reach, more relevance, and more incredible opportunities for growth than almost any platform on the planet. Ray Dalio's: Bridgewater Associates. SPACs notched more than $70 billion so far in 2021, a new record.
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