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The question is if actually facebook can make it in time and execute their strategy for the metaverse when there is so much competition and if they can win out. i ve got about 30 seconds but i do want to understand the role that tiktok is playing in all of this. yeah. so tiktok is incredibly popular with younger users. what we re seeing right now is what anybody anecdotally has seen is showing up in the numbers, which is younger people are not interested in facebook anymore. we re also seeing younger users are not as interested in instagram which is a real problem for facebook. tiktok, on the other hand, has become wildly popular for its challenges, its short video form. facebook is trying to mimic tiktok with a product called reels within instagram. it s taking a while for it to gain popularity. and facebook hasn t figured out how to monetize it where they can make real money, so tiktok is a huge threat. cecilia, thank you for being part of the one segment tonight ....
Let s not forget about facebook role in the spread of misinformation and disinformation. joining me now, new york times national technology correspondent. she s the coauthor of the ugly truth inside facebook battle for domination. i m so glad you are here to talk us through this. i threw a lot at the viewers. there s tiktok, and the fact that we have a bunch of users who are moving to other video based platforms. there s the reality of apple opt in, opt out. actually sort of adding transparency to how our data is used. and the meta verse. which needs an entire hour to talk about that. of that list, is there something that is missing? a factor that is mising. and of those, which do you think was of the most powerful in the out come we saw last week? it was definitely a bucket of bad news. and it was extraordinary. it was many ways his sort of worst nightmare in the company. ....
I think one thing that was over looked is that it s actually implied in the earnings report is that facebook cannot at this point buy its way out of its problems. it s so scrutinized right now in washington. and regular tors are trying to actually break it up. unlike the past when they have been able to buy products to compete with for example tiktok. they re not able to right now. that s an additional problem that doesn t show up in the earnings. but it s looming over the report. of all the problems i think the key way to think about this is the company slowing. growth is slowing. at the same time it s spending so much money on its transition to the meta verse. those two things combined are just such huge factors that really took out a lot of the gust o in the stock. and stock that investors see as every single quarter reporting growth and block buster earnings. it was a really blood bath. ....
Social net work appears to be losing his spark. the first time in 18 years a historic loss. stock plummeted 26%. that is a loss of $230 billion. what s behind the decline? core social net working app facebook lost about half a million users last quarter. most of whom seem to have shifted to tiktok. which is seen record growth over the last couple years. zuckerberg placing blame on apple. new software prompts users to decide if the apps can track them or not. most users opted out. which is a blow to facebook profit from selling and using your data. it s estimated the ios change alone could cost meta $10 billion in revenue in year. obviously investors not happy about that. more facebook turn to the meta verse a virtual reality space. that has yet to gain traction. ....