"Meta has veered into excess — too many people, too many ideas, too little urgency. This lack of focus and fitness is obscured when growth is easy, but deadly when growth slows and technology changes," Gerstner wrote in his letter.
In his letter, the Altimeter chair recommended that the platform cut headcount expenses by 20% and limit its metaverse and virtual reality (VR) investments to no more than $5 billion per year.
Gerstner also advised cutting its annual capital expenditures, which are long-term investments made by a company to improve fixed or non-consumable assets, by at least $5 billion.
Last year, Meta, previously known as Facebook, rebranded to focus on metaverse advancement.