Activist hedge fund based in London TCI fund management Google called parents alphabet inc WELL Google To cut costs significantly, the company claimed to be more efficient with fewer employees.

The activist investor also called for cutting losses on long-term bets like self-driving car unit Waymo.

Mr. Hohn said Alphabet should make the proposed changes as soon as possible, citing recent decisions by other big tech companies.

Facebook parent Metaplatforms Inc META 11,000 job cuts announced a few days ago, around 13% of the company’s total workforce.

TCI, which owns more than $6 billion in stock, wrote a letter to Alphabet CEO Sundar Pichai, calling for cost cuts. says Wall Street Journal

“We are writing to express our view that Alphabet’s cost base is too high and management needs to take aggressive action,” TCI wrote in the letter, signed by CEO Christopher Hohn. “The company has too many employees and the cost per employee is too high.”

In an interview, Mr. Hohn said he had previously shared TCI’s concerns with Alphabet’s management and expected the board, including Google co-founders Sergey Brin and Larry Page, to be receptive to the proposals. He said TCI has no plans to seek a seat on the board.

“The founders, Sergey and Larry, are smart people and they will recognize that the company has to be healthy to be successful,” said Mr. Hohn. “A highly inflated cost base does not serve a company’s ability to reinvest and grow its share price.”

Google reported the first recorded annual drop in ad sales on its site YouTube video platform in Q3.

Price promotion: GOOG shares are down 0.25% to $98.47 during the premarket session last check Wednesday.