Financial TimesFinancial Times

Meta’s perfect storm: fleeing users and Apple privacy changes hit ads business

By Hannah Murphy

03 Feb 2022 · 4 min read

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.”

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content