Monday, July 15, 2024

TCI’s Hohn calls for job cuts at Alphabet

  • Chris Hohn makes rare public statement on Alphabet
  • TCI holds stock worth more than $6bn in tech giant
  • Silicon Valley has seen massive job cuts in recent weeks

Chris Hohn has called on Google parent Alphabet, a TCI Fund Management holding since 2017, to cut its headcount and pay staff less generously.

The London-based activist manager published a letter to Sundar Pichai, Alphabet CEO, saying “in a new era of slow revenue growth, aggressive cost management is essential.”

TCI holds Alphabet stock worth more than $6bn and a “strong conviction” in the company’s future, Hohn said.

Alphabet should follow Amazon, Twitter, Microsoft and other technology firms, which have cut thousands of jobs, he said, and called for an increase in stock buybacks.