(RTTNews) – TCI Fund Management urged Google parent Alphabet to cut jobs & salary expense, reduce losses in the Other Bets unit, and boost stock buybacks, the Activist investor wrote in a letter to CEO Sundar Pichai.
TCI, which holds a $6 billion stake in Alphabet, argued that compensation and headcount are too high compared to other tech firms.
“Our conversations with former executives suggest that the business could be operated more effectively with significantly fewer employees,” TCI wrote in the letter.
TCI further urged Alphabet to scale back losses in its Other Bets unit, which includes self-driving car project Waymo.
Recently, other tech firms have laid off hundreds of employees. Meta announced last week that it is laying off over 13% of its staff, or more than 11,000 employees. Meanwhile, Twitter, which was recently acquired by Elon Musk in a $44 billion deal, laid off around half its workforce just days after the takeover. In addition, Amazon.com Inc. is reported to be planning for the elimination of about 10,000 jobs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.