Current Events > FB loses users for the first time ever: Shares plummet 20%. Zuck blames TikTok

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Lebronwon
02/03/22 9:56:34 AM
#1:


https://www.dailymail.co.uk/news/article-10471227/Facebook-loses-users-time-Zuckerberg-blames-TikTok-boom.html

Facebook lost daily users for the first time in its 18-year history in the final quarter of 2021, which CEO Mark Zuckerberg believes was caused by the TikTok boom. The social media giant's devastating earnings report on Wednesday sent Facebook shares plunging more than 20 percent, wiping more than $200 billion off the company's market cap and erasing $29 billion from Zuckerberg's net worth. Facebook reported a drop of nearly 500,000 in daily logins during the last three months of 2021. 'People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,' Zuckerberg said during an earnings call Wednesday, according to the Washington Post. Zuckerberg reiterated that Meta - the company that owns Facebook, Instagram and WhatsApp - is pushing hard to develop its short-form video Reels in an effort to compete with TikTok. 'This is why our focus on Reels is so important over the long term,' he added. Facebook, which now only has 1.93 billion users logging in each day, also saw its shares plunged more than 20 percent in extended trading on Wednesday after unexpectedly heavy spending on its Metaverse project led to a rare decline in its fourth quarter profit.

Zuckerberg, who is worth approximately $107 billion, held more than 398 million shares of Meta at the end of 2020, according to Investopedia. Based on his reported holdings, the CEO personally experienced a more than $29 billion loss when the company's stock fell Wednesday. Analysts allege investors had expected signs of declining user growth but were 'taken aback' by the amount of ad dollars the company lost in wake of TikTok's growth. TikTok is dominating the short-form user-generated video market, despite Meta offering its own Reels product on Instagram. Data indicates the platform lost consumers to TikTok and saw lover revenue from ads destined for its short-form videos, according to Bloomberg. The figures, however, should not have blindsided investors as there have been repeated signs that Meta was trying to compete with the new video format. Last summer, Instagram chief Adam Mosseri moved the platform's focus to embrace videos instead of its usual emphasis on photo-sharing, a move Mosseri said was inspired by TikTok's rising popularity. Zuckerberg emphasized the move during Wednesday's earnings call, reiterating that Instagram would continue to focus on Reels. The CEO has also been adamant that Meta's long-term success is dependent on his Metaverse vision. However, figures reveal the company has lost over $20 billion on Metaverse projects over the last three years.



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Derwood
02/03/22 9:56:55 AM
#2:


Facebook to buy TikTok in 3....2....1....
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Irony
02/03/22 9:57:20 AM
#3:


https://gamefaqs.gamespot.com/a/user_image/6/8/5/AAJHVqAAC4fl.jpg

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ScazarMeltex
02/03/22 9:57:43 AM
#4:


I'd like to say it has something to do with the release of the facebook papers and people abandoning the site due to privacy and data concerns but it's probably just nutjob right wingers fleeing to their safe spaces.

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SydneySweenHero
02/03/22 9:58:44 AM
#5:


Zuck getting cuck'd

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NeonOctopus's Alt #7 >_>
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Legato-and-Vash
02/03/22 10:02:53 AM
#6:


Last year, my sister asked our three younger cousins (between 14-22) if they had Facebook. They all looked at her like that was an absurd question and acted like that was for old people. I was 30 at the time and she was 33 lol.

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Shadowplay
02/03/22 10:03:21 AM
#7:


Good. Site is filled with buzz killing old people.

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SydneySweenHero
02/03/22 10:05:40 AM
#8:


Legato-and-Vash posted...
Last year, my sister asked our three younger cousins (between 14-22) if they had Facebook. They all looked at her like that was an absurd question and acted like that was for old people. I was 30 at the time and she was 33 lol.
God, I'm getting old....

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NeonOctopus's Alt #7 >_>
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Umbreon
02/03/22 10:11:36 AM
#9:


Evolve or die Zuck.

Facebook's audience isn't getting any younger, that's for sure.

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Stewman_Magoo
02/03/22 10:12:56 AM
#10:


Good, fuck that terrible site.

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SweetieBeIle462
02/03/22 10:13:21 AM
#11:


Facebook has its own tiktok mode though its a bit inferior

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Tyranthraxus
02/03/22 10:13:47 AM
#12:


Legato-and-Vash posted...
Last year, my sister asked our three younger cousins (between 14-22) if they had Facebook. They all looked at her like that was an absurd question and acted like that was for old people. I was 30 at the time and she was 33 lol.

I quit using Facebook over 15 years ago. New generation is smart.

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Irony
02/03/22 10:15:41 AM
#13:


New generation uses Tik Tok which is worse.

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Solid Snake07
02/03/22 10:15:45 AM
#14:


Facebook has one of the healthiest balance sheets of any company on earth and are WAY ahead of all of their competitors when it comes to actually monetizing their platforms and making a profit.

They're not going anywhere anytime soon

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Mearcstapa
02/03/22 10:16:44 AM
#15:


Death to both Facebook and Tiktok

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Solid Snake07
02/03/22 10:22:34 AM
#16:


It's also absurd to me that tiktok is allowed in the US while China essentially blocks all american tech companies from doing business in their country while blatantly copying everything about them.

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Legato-and-Vash
02/03/22 10:23:54 AM
#17:


I don't personally care for Facebook (in fact, I hate them as a company), but it's the only social media platform I have that lets me keep up with family. My younger cousins have IG and TikTok, but that's not great for family. Especially with IG since my younger cousin wants to be an IG model. >_> Has like 30k followers and her IG is basically a thirst trap so I don't even follow her.

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Master_Materia
02/03/22 10:26:14 AM
#18:


Social media is all awful.

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Lebronwon
02/03/22 1:17:09 PM
#19:


https://twitter.com/ParikPatelCFA/status/1489002091456696323

https://twitter.com/dougboneparth/status/1489014554654875651

https://twitter.com/zerohedge/status/1488989295482441728

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I4NRulez
02/03/22 1:19:58 PM
#20:


Legato-and-Vash posted...
Last year, my sister asked our three younger cousins (between 14-22) if they had Facebook. They all looked at her like that was an absurd question and acted like that was for old people. I was 30 at the time and she was 33 lol.

To be fair, once the boomers go ahold of FB that was it. My facebook turned from "HAHA HAD FUN LAST NIGHT" and vacation photos to my boomer family posting stupid political pictures from both the left and the right. So i just deleted mine and kept messenger.

i could only look at so many "like if you love jesus scroll if you love the devil" pictures

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pfh1001
02/03/22 1:21:48 PM
#21:


Stewman_Magoo posted...
Good, fuck that terrible site.
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AldousIsDead
02/03/22 1:22:30 PM
#22:


Oh no.

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SSJPurple
02/03/22 1:23:10 PM
#23:


Good. Facebook is a cesspool of misinformation and straight up lies that brainwashes stupid people.

Facebook did to our parents what our parents said tv would do to us lmao

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Pepys Monster
02/03/22 1:26:10 PM
#24:


Just like Myspace died, Facebook will die. I'm surprised Snapchat didn't already kill Facebook. But TikTok is here for the deathblow.

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K181
02/03/22 1:26:50 PM
#25:


Facebook is only useful for keeping track of birthdays and sharing pictures of your kids with friends and family anyway. It is an old person site.

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Lost_All_Senses
02/03/22 1:30:28 PM
#26:


Does he pretend he didn't murder Myspace and that another platform taking over would just be how stuff has always worked? Like it did when he decided to take over with a very unoriginal idea.

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What_
02/03/22 1:32:25 PM
#27:


Ban social media
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s0nicfan
02/03/22 1:32:34 PM
#28:


https://gamefaqs.gamespot.com/a/user_image/8/7/6/AABJX0AAC4ik.jpg

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Umbreon
02/03/22 2:38:27 PM
#29:


I4NRulez posted...
i could only look at so many "like if you love jesus scroll if you love the devil"


Not to mention the damn minion captions.

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Hayame Zero
02/03/22 2:43:03 PM
#30:


I mean, kinda, given how monstrously popular TikTok is. But their push for VR when that's not even remotely their demographic these days has a lot to do with it too.

It's like they desperately want to transition away from being "boomer central", but that's just not going to happen

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RISEofCHRISTIAN
02/03/22 2:46:12 PM
#31:


Facebook stock CRASHES HARD!

https://gamefaqs.gamespot.com/a/user_image/9/5/1/AAfMaiAAC4jv.jpg

Dark times. Dark times.

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XxKrebsxX
02/03/22 2:46:47 PM
#32:


Legato-and-Vash posted...
Last year, my sister asked our three younger cousins (between 14-22) if they had Facebook. They all looked at her like that was an absurd question and acted like that was for old people. I was 30 at the time and she was 33 lol.

Dude that was the exact reaction I had at an after party in Orlando, FL. These girls were like mid 20s. They all had instagram though.
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E_S_M_Z
02/03/22 2:49:56 PM
#33:


XxKrebsxX posted...
Dude that was the exact reaction I had at an after party in Orlando, FL. These girls were like mid 20s. They all had instagram though.

Yeah, it's notable that FB owns Instagram. Most of the "FB is for old people" crowd still uses Instagram, as far as I know.

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Hayame Zero
02/03/22 7:19:25 PM
#34:


Their market crash is now the worst in history

https://www.bloomberg.com/news/articles/2022-02-03/meta-set-for-200-billion-wipeout-among-worst-in-market-history

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Punished_Blinx
02/03/22 7:28:03 PM
#35:


Would have happened years ago if they didn't buy Snapchat.

What's their long term output supposed to be? Some shitty social video game they're trying to pretend will be mindblowing? Wasting billions on VR?

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Evillink2000
02/03/22 7:32:15 PM
#36:


Stewman_Magoo posted...
Good, fuck that terrible site.

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Vicious_Dios
02/03/22 7:32:19 PM
#37:


Thankfully, I never used Facebook nor TikTok to care.

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Master_Bass
02/03/22 7:37:27 PM
#38:


I'm glad I was a weirdo without Facebook long enough to go full circle and become normal again, lol.

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BlingBling22947
02/03/22 8:00:21 PM
#39:


RISEofCHRISTIAN posted...
Facebook stock CRASHES HARD!

https://gamefaqs.gamespot.com/a/user_image/9/5/1/AAfMaiAAC4jv.jpg

Dark times. Dark times.

This is porn for me.

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NatsuSama
02/03/22 8:06:18 PM
#40:


Now TikTok.

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Boombam99
02/03/22 8:12:00 PM
#41:


Master_Bass posted...
I'm glad I was a weirdo without Facebook long enough to go full circle and become normal again, lol.

Same. And rest assured that whatever is popular now will one day be laughed at as uncool as well.
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