Mark Zuckerberg, the company's CEO, told his employees on the 3rd after Meta released its fourth quarter results on February 2 that the only way out of this situation was through video.
According to a Bloomberg report, Mark Zuckerberg told company employees during a virtual meeting that we are currently facing an unprecedented competition from TikTok.
Earlier, on the occasion of the release of the quarterly report, he had said that Meta would focus on short videos such as Instagram releases.
"People have many options for spending time, and apps like TikTok are evolving very fast," he said.
A participant in the virtual meeting said that Mark Zuckerberg was part of the meeting with red eyes and may have said that tears started flowing during the conversation but it was not because of the topic but because of rubbing eyes.
It may be recalled that on February 2, Facebook admitted for the first time that the number of daily users of the social network had decreased.
And since that acknowledgment, the market value of Facebook's parent company, Meta, has fallen by more than $230 billion since February 3, the largest single-day loss of any American company in history.
In the October-December 2021 quarter, the number of daily Facebook users decreased compared to the July-September quarter, from 1.93 billion to 1.92 billion.
Mark Zuckerberg's assets also fell by $31 billion as a result of the fall in Facebook's share price.
