Investopedia requires writers to use primary sources to support their work. Please refer to the section on cookies in our Website Privacy Policy He defied expectations and made profits on Priceline, Expedia, Uber, Twilio, and Hubspot. Background [ edit] In 2008, Brad Gerstner founded Altimeter Capital in Boston, Massachusetts. 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. By Altimeter Capital $750M Venture Capital in Feb, 2021 VROOM E-Commerce +2 Total funding $1.2B in 10 rounds from 15 investors By Altimeter Capital $50M Series E in Sep, 2016 Wingz Networking +3 Total funding $13.7M in 4 rounds from 36 investors By Altimeter Capital $11M Series B in Jan, 2016 Meta didn't immediately respond to a request for comment. UPDATE: Altimeter Capital, PAR Capital Issue Letter to United And as a result, you know, last year we held up better than most because we own high-quality stocks, and we were short lower quality stocks. 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. Superficial change in panicked response to rigorous scrutiny is hardly noble or a basis for stockholders to have confidence in your judgment. 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. "Jitesh Ubrani: Tweet From March 3, 2023. It can compound its earnings and this that and the other but I need to know can it get back to that level. In the last 18 months, Meta stock is down 55% (compared to an average of 19% for its big-tech peers). Altimeter Capital. We are generally patient investors. Samooha launches with tech that lets companies securely share data He also asked Zuckerberg to cut down on capex and employee expenses. I expected that as the world of normalized post Omicron that we would get back to the five-year average multiple. 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. We can just go through the list, Uber, Facebook, Roblox. 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 . The vast majority of the capex has been an essential and high-returning investment in data centers, Nvidia GPUs and other AI resources to solidify the companys position as one of worlds leaders in AI. Our best guess is that maintenance capex for Meta is less than $10B annually. Airline Industry Veteran Gordon Bethune Leads Stockholder-Nominated US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Shortage ofMetals for EVs Is Rising Up the Agenda in Automakers C-Suites, Italys CDP, Macquarie Said Set to Make Telecom Italia Grid Offer, In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61.
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