The open letter was released on the 24th of October, written by the CEO and founder of Altimeter, Brad Gerstner. It holds about 0.11% of Metaverse. The letter mentions the growing concerns for the giant AR/VR project, terming that it is ‘super-sized and terrifying’. Over the past 18 months, Cointelegraph has also observed and noted a significant decline in its stock price which has urged the shareholders to cut down its investments.
The company stated that it will invest about $10 to $15 billion a year in Zuckerberg’s project. He added, “But it may take over 10 years to deliver the results. An estimated investment of more than a $100 billion in an unknown future is super-sized and terrifying, even by Silicon Valley standards.”
He then advised the company to put more emphasis on AI (Artificial Intelligence) rather than on Metaverse as it “has the potential to drive more economic productivity that the internet itself.”