Though the company - which also owns Instagram and WhatsApp - has previously been in trouble over concerns about user privacy as well as its platforms' role in spreading misinformation, Reuters said Thursday marked not just its worst one-day loss ever, but the biggest single-day slide in market value for a US company.
In Meta's earnings call, Zuckerberg said competition for users was one factor impacting the business, mentioning short video app TikTok by name. Meta's chief financial officer, Dave Wehner, told analysts on a conference call that the impact of Apple's privacy changes could be"in the order of US$10 billion" for 2022.Facebook parent company Meta's share price wipeout shakes world tech stocksAfter 18 years of having users"like" their platform, Facebook is now facing increasing competition from other social media applications, particularly from TikTok.
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