As more than $200bn was wiped off the value of Meta, chief executive Mark Zuckerberg focused blame for falling profits and users at Facebook’s parent company on a rival: TikTok, the viral short-form video app.
“The thing that is so unique is that TikTok is so big as a competitor already and also continues to grow at quite a fast rate off of a very large base,” he said during an analyst call on Wednesday. “Even though we’re compounding extremely quickly, we also have a competitor that is compounding at a pretty quick rate too.”