In response, Instagram has adopted a number of features similar to the app founded in China.
New York time on Tuesday, Meta shares fell about 4.5 percent, wiping billions from the company’s value amid a broader selloff sparked by U.S. retail giant Walmart that cut its earnings forecast just as companies like Meta are about to report their results.
Meta has recovered from scandals and user unhappiness before. He navigated a shift in users accessing Facebook from computers to smartphones in the early 2010s, which presented an existential risk at the time. And it has successfully copied popular features like Instagram Stories from competitors like Snapchat.
But TikTok is a particularly tough competitor because its video recommendation algorithm learns quickly and is very accurate. Meta founder and CEO Mark Zuckerberg told staff in a June 30 call, a recording of which was obtained by tech site The Verge, that it would take 12 to 18 months before Meta would have “line of vision” to surpass his rival.
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