Activist hedge fund TCI Fund Management called on Google parent Alphabet to aggressively cut costs and reduce losses in long-term bets such as the self-driving car unit Waymo, claiming the company would be more efficient with fewer employees.

London-based TCI, which said it owned shares worth more than $6bn in Alphabet, made the requests in a letter to chief executive Sundar Pichai on 15 November, writing that it has been a significant shareholder since 2017.