Snap stock is down 24% today.

Facebook stock is down 28% today.

That's because Facebook copies everything Snap does and makes it slightly worse.

— Chris Bakke (@ChrisJBakke) February 3, 2022

I thought everyone was joking about the Facebook pivot to video. https://t.co/nlTrICv3oe

— Roberto Baldwin (@strngwys) February 3, 2022

Oh sick, they're gonna take out any media companies that survived FB's last push into video

Massive respect, Mark. Love the commitment ? https://t.co/uIGAsDFdHw

— Charlotte Avery (@mc_lotta) February 4, 2022

There's one silver lining for #Meta in its dismal earnings report: It provides the company more ammunition against a pending government lawsuit https://t.co/gu6T9IJrVV via @damclaugh

— Daniel "Get a Vaccine" Zuidijk (@dzuidijk) February 4, 2022

Meta said in a release it is facing "increased competition for people's time."

It pointed out that one of its most popular features that is taking up user time - Reels, its TikTok clone - doesn't make a lot of money compared to News Feed or Stories

— Kurt Wagner (@KurtWagner8) February 2, 2022

"Meta Says Apple’s Privacy Changes Could Cost the Company $10 Billion"

Good. I wish it were more.

— Paul Thurrott (@thurrott) February 3, 2022

I was personally told by a Facebook rep many years ago that ad sharing was "coming soon" and it would be "huge" and so I should get in on the ground floor and start building an audience. It was /years/ later that they finally started sharing revenue with video creators.

— Hank Green (@hankgreen) February 3, 2022

Interesting points abt Facebook's and to lesser extent Google's lack of diversification compared to other techs. But Google's ad business will always be more resilient than Facebook's since Google's ad business is distributed. https://t.co/KRmQzGm7th

— Josh Marshall (@joshtpm) February 4, 2022

every product under zucc's belt does a different kind of work for meta as a whole, and that "work" isn't gonna apparent unless you're, again, mainlining this shit for months

sometimes, "work" can mean producing specific kinds of engagement from users for specific ends

— shoshana wodinsky (is on vacation) (@swodinsky) February 3, 2022

Imagine working for FB, stock tanks, company is widely hated, its supposed mission proved a farce, and your red-eyed automaton of a leader appears and says, in this time of great challenge, focus on little videos. https://t.co/XRKA6SSpN6

— Jacob Silverman (@SilvermanJacob) February 4, 2022

I just want to be clear, Facebook has consistently been the worst platform at treating its creators like partners. Their communications and strategies have been manipulative or even deceptive.

— Hank Green (@hankgreen) February 3, 2022

In the last 24 hours, I somehow managed to piss off both my former Facebook colleagues and everyone who thinks Facebook is evil.

— Nikita Bier (@nikitabier) February 3, 2022

I know some people who make great money making from Facebook's revenue sharing now. But "moving fast and breaking things" has never been something they're interested in doing for anyone but themselves.

For creators, they move slow and break things.

— Hank Green (@hankgreen) February 3, 2022

NEW: Meta's collapse means it's inching pretty close to the threshold Congress set for companies covered in its antitrust bill.

But not so fast: the bill looks at average market cap over 2 years.

Still, raises questions about using market cap as the bar. https://t.co/XqtE1Vy1H7

— issie lapowsky (@issielapowsky) February 3, 2022

The "pivot to video" story is instructive in the context of how huge video subsequently turned out to be on social media, how fast video consumption grew on YouTube, FB, TikTok, IG, Twitch, the insane amounts of money made by video creators etc

— Tom Gara (@tomgara) February 4, 2022

“Zuckerberg appeared red-eyed and wore glasses, the person said. He said he might tear up because he’d scratched his eye -- not because of the topics up for discussion.”https://t.co/BBXB2UC1gt

— Emma Kinery (@EmmaKinery) February 3, 2022

NOT THE PIVOT TO VIDEO https://t.co/eDjXhEqFef

— Beth Ponsot (@bponsot) February 3, 2022

Mark Zuckerberg asked his Facebook (Meta) employees to focus on video products, after they watched the stock lose a quarter of its value today https://t.co/um3RADSJVx via @technology

— Emma Kinery (@EmmaKinery) February 3, 2022

Just a reminder, @Meta's stock is down 20% not because it lost billions on #XR, it is down 20% because @Apple's clampdown on ads and @TikTok's competition is affecting its bottom line enough for people to care. The plan was always to overspend on spatial computing. $FB

— Anshel Sag (@anshelsag) February 3, 2022

I’m so tired https://t.co/j0JGeuHP8k

— Lainna Fader ? (@lainnafader) February 3, 2022

That moment you clarify you're not crying because of a stock drop in case your comments get leaked to the press. https://t.co/yZ1PossHXO

— Queenie Wong (@QWongSJ) February 3, 2022

Probably unpopular take: FB’s stock drop is why they operate the way do. Investors are hooked on growth as a metric, the company gets slammed if they don’t put that ahead of everything else. Not saying it’s right, but I think it explains a lot of their choices.

— Crystal P. (@crystalp) February 3, 2022

230 billion is a gigantic hit, of course, but it attests to how enormous Meta/Facebook is. A similar loss would obliterate the entire market value of General Motors, Ford and Honda. Combined. https://t.co/4mxTdUPJBk

— Paul Farhi (@farhip) February 4, 2022

Facebook/Meta's stock just lost the equivalent of six Twitters, or three Modernas *overnight*. pic.twitter.com/DE5NWmx13i

— Artur Adib, PhD (@r2r) February 3, 2022

Facebook stock drops 25% after losing DAUs first time ever. Reasons cited - TikTok, YouTube, iOS tracking

Always felt Zuckerberg is a demi-god with product, engagement, user psychology but he's overlooking a low-hanging fruit to fix DAUs - the 5000 friends limit imposed by FB /1 pic.twitter.com/i2do73mdIm

— Amit Ranjan (@amitranjan) February 4, 2022

Pretty wild that, beyond the metaverse stuff, Facebook is losing *$10 billion* this year from a single iOS iPhone update that allows users to opt out of some trackers that are placed on apps. https://t.co/XLVkqXCW1H

— Lee Fang (@lhfang) February 3, 2022

FB’s stock finally crashed, drive by three things: competition (TikTok), loss of access to data (Apple ATT), and huge spending on virtual reality. Hard to see any of these issues going away soon. I went on @CNBC @SquawkStreet to talk about it. https://t.co/N6RmZCvplD

— Roger McNamee (@Moonalice) February 4, 2022

i'm taking a lil while between tweets bc i'm literally combing thru the docs to make sure i'm getting the details at least kind of right. and i think? i am—this is from an internal stories study in 2019 that puts some numbers to the phenomenon pic.twitter.com/cGIBMlvesa

— shoshana wodinsky (is on vacation) (@swodinsky) February 3, 2022

Get in loser, we’re pivoting to video again https://t.co/UFf8FQ1DWn

— Taylor Lorenz--- ON BOOK LEAVE (@TaylorLorenz) February 3, 2022

Remember when they straight up lied in order to make the blatantly false claim that they were getting more video views than YouTube? This resulted in TONS of creators and small businesses going all-in on Facebook video. Many went out of business.https://t.co/dr9gZCCpK9

— Hank Green (@hankgreen) February 3, 2022

We view Facebook’s softness/disappointing quarter as an Apple IDFA gut punch that finally reared its impact in numbers along with TikTok competitive share gains. Apple’s iOS privacy changes have changed the game for ad targeting/Facebook. Bifurcation in tech earnings continues

— Dan Ives (@DivesTech) February 3, 2022

"Zuckerberg appeared red-eyed and wore glasses, the person said. Employees were told he might tear up because he’d scratched his eye." https://t.co/u10OgfFcYD

— Silvia Killingsworth (@silviakillings) February 3, 2022

Huh, the last time I heard something about pivoting to video, it was my job laying me and all the other writers off because Facebook gave out false metrics about video engagement. https://t.co/2pCHlASmeH

— Sara Morrison (@SaraMorrison) February 4, 2022

reality now indistinguishable from satire https://t.co/V5k4iyI8vM

— Patrick Klepek (@patrickklepek) February 3, 2022

Meta, etc will have to pay users to overlook the fact that we are actually their top selling products. It’s going to cost a pretty penny to hang that curtain back up. https://t.co/HV3VnA70q5

— Stephanie (SRB) (@MayorSRB) February 4, 2022

Stories and also Reels, which is quickly becoming the main thing on Instagram and leaking into Facebook too. Feeds of vertical-swipe videos as far as the eye can see.

— Martin SFP Bryant (@MartinSFP) February 4, 2022

psyched to see this current strain of Metaverse nonsense go the way of the 3D TV. https://t.co/k6ddbqBMMg

— Robert Evans (The Only Robert Evans) (@IwriteOK) February 3, 2022

Facebook pivoting to video is the kiss of death https://t.co/LXX7iiYHwh

— Josh Sternberg (@joshsternberg) February 3, 2022

Srsly tho. The kids are on another planet, never to return to FB and the olds just want to post grandkids pics and deny COVID. Meta was doomed to fail. https://t.co/RaqHvUANf8

— J. M. Giordano photo (@jmgpix) February 4, 2022

It's almost like Meta sounds ridiculous or something. https://t.co/pnH3sybx95

— Destin (@DestinLegarie) February 3, 2022

Facebook has reached its “pivot to video” phase. https://t.co/V4VHDUC097

— Michelle Williams (@MichelleTweetin) February 4, 2022

I am really happy if they maybe /maybe/ have woken up to the reality that they need to be an actual partner for creators in order for the content on their platform to be better. But I've been burned before, so I'm not holding out hope.

— Hank Green (@hankgreen) February 3, 2022

Biggest one day drop in personal wealth in history.https://t.co/OLABBzBWiR

— Pete Woods- use only as directed (@thatpetewoods) February 3, 2022

The metaverse fixes this. You can’t cry in front of your employees if you are a cartoon avatar. https://t.co/lfJfhQsvEO

— Steve Kovach (@stevekovach) February 3, 2022

sorry this is so fucking funny man. like they set 10 billion dollars on fire creating the metaverse, everyone was like "damn that sounds like it sucks" and just tanked their stock price. lol. lmao. pic.twitter.com/8cVgLr8l0o

— the cait-sìth of gaming youtube (@Papapishu) February 3, 2022

My latest for @WSJ: Facebook parent Meta is betting big on Reels as it looks to court younger users. But in TikTok it faces a heavyweight rival that is only getting stronger: https://t.co/NOctR6BTkN

— Sal Rodriguez ? (@sal19) February 4, 2022

Oh my...

At the company all hands meeting today, CEO Mark Zuckerberg appeared red eyed and wore glasses, and the Facebook staff were told in advance that he might tear up because he scratched his eye https://t.co/QNpnw05LUR pic.twitter.com/PNBLxwZuD8

— Joe Weisenthal (@TheStalwart) February 3, 2022

I don’t think we need to shed any tears for FB, but has anybody done an analysis on what impacts this had on the businesses that rely on FB to reach customers? I would not be surprised if this has a measurable impact on new business formation.

Thanks, Tim Apple! https://t.co/HnG1NqKw9b

— parker (@pt) February 3, 2022

DAP down + MAP up = DAP/MAP plummeting == Trouble == Prediction sadly on track. https://t.co/uUE2m8xCxF

— Samidh (@samidh) February 4, 2022

Twitterverse should remember this is horrifying for the vast majority of Meta's employes, they have no influence in any of this.

This kind of movement rests with C-level; not even directors or VPs.

Or to put it bluntly: don't be a dick to Facebook employees. It's not them. https://t.co/rnu068YtNV

— Adam Holisky ? (@AdamHolisky) February 3, 2022

Facebook admits that it makes a huge amount of its money by violating our privacy and consent. Apple added a consent step and Facebook expects to lose $10bn in revenue in 2022. This should spur *more* effort; FB wants sympathy. https://t.co/QEOy3RYcq8

— Glenn Fleishman (@GlennF) February 3, 2022

After having a better product for years, TikTok passed Instagram in total aggregate time spent globally a week or so ago (per App Annie). The average public market investor just realized the magnitude of this shift on Wednesday. Efficient markets.

— Turner Novak.?? (@TurnerNovak) February 4, 2022

More power to them if they pull it off. It’s a risky bet for sure, and they will deserve the credit if metaverse plays out.

— David Sacks (@DavidSacks) February 3, 2022

“And this time we’re not going to fall for the banana in the tailpipe” https://t.co/RaqHvUANf8

— J. M. Giordano photo (@jmgpix) February 4, 2022

Just because a company's stock price dropped precipitously or its products becomes obsolete doesn't mean that its past history just gets forgotten.

— Ryan Mac ? (@RMac18) February 4, 2022

Yes, equity futures look ugly, but it could be worse.

You could be Mark Zuckerberg, staring down an instantaneous $24 billion decline in wealth because of Meta earnings.

via @ScottJourno https://t.co/vc1j0RTqqm

— Brian Chappatta (@BChappatta) February 3, 2022

In the past, Wall Street has for the most part given Zuckerberg, Sandberg and co. the benefit of the doubt on big business decisions when they say "trust me, we got this"

today, however, faith is in short supply https://t.co/rSUMFKR0Ed

— rat king (@MikeIsaac) February 3, 2022

okay so—since i've spent some time shotgunning abt half a decades worth of convos from inside this company, i've mutated this weird 6th sense that lets me kinda sorta understand mark's batshit announcements

and i *think* i know why he's hot on video rn: https://t.co/QLwkp3cY2w

— shoshana wodinsky (is on vacation) (@swodinsky) February 3, 2022

Mark Zuckerberg, he who has done so much damage to democracies around the world, lost 24 billion dollars from his personal wealth when Wall Street opened today. FB’s stock collapsed 26% - the biggest drop ever.

— Barbara Malmet (@B52Malmet) February 3, 2022

Because of limited visibility into ad performance due to Apple's privacy update, many companies moved to search ad placement (Google search) instead of FB ads.

— Tal Ben-Moshe | talbm.eth (@talbm2010) February 2, 2022

I wonder what's going to happen when investors realize the "metaverse" isn't the future, but a collection of balkanized Wii knockoffs and, in order to access it, you have to wear a gigantic, proprietary headset that disappears your furniture, dog, and baby. https://t.co/jEq30aCdWE

— Ben Collins (@oneunderscore__) February 3, 2022

Is it wrong to feel this much joy that Facebook/Meta is about to make history for the largest one-day drop in market cap for a U.S. stock? ?

— Amy Siskind ?️‍? (@Amy_Siskind) February 3, 2022

My predictions:
1. Home tab on Facebook & Instagram becomes a vertical video scrolling feed.
2. A vertical video scrolling feed is added to WhatsApp.
3. Default camera composer option on IG and FB becomes less like Stories, more like TikTok. https://t.co/Ln6qISDnnY

— Michael Sayman (@michaelsayman) February 3, 2022

Unfortunately, this massive drop in Facebook's stock price last night also represents massive losses in retirement accounts and pensions nationwide. This is what happens when public companies *lie* about material issues — real people get hurt. https://t.co/ZFLZYQBSqm pic.twitter.com/V4MA6lCGSR

— Frances Haugen (@FrancesHaugen) February 3, 2022

Zuckerberg is addressing employees right now. Said he may tear up -- but it's because he scratched his eye, not because of what they're talking about https://t.co/FJUeSEYK32 by @NaomiNixWrites

— Sarah Frier (@sarahfrier) February 3, 2022

mobs, like individuals, take a while to change their minds, but when they do... https://t.co/JlfsF5Npk4

— Christopher Mims ? (@mims) February 4, 2022

While Meta crashing this fast is hilarious, I think it's also worth noting that Facebook focusing on video to recover is one hell of a choice given Facebook already got caught out lying about video metrics in the Pivot To Video scandal a few years ago.https://t.co/OIX7dnfdnd

— Many A True Nerd (@ManyATrueNerd) February 4, 2022

Learn out. Rise of Web3: Metaverse tokens surge as Meta’s share price plunges https://t.co/HHNmVUDIKP via @cointelegraph #tech #digital #data #business

— Kohei Kurihara -Privacy Is Opportunity- (@kuriharan) February 4, 2022

MetaVerse Tokens are what will work in 2022https://t.co/2UcojTQRSb#MVDG #Metaverse #Dog THE PEOPLES COIN#Meme #tokens #coins #Crypto $FB $AMZN $IBM $MSFT #Doge #Shib

— MetaVerse Dog (@TheMetaVerseDog) February 4, 2022

#Meta (元Facebook)の株価は下がり、メタバースコインの価値は上がる#MANA と #SAND はこの7日間で15％以上上昇しました 一方 Metaは木曜日に決算をしくじり株価が26％下落し米国企業の1日の市場価値としては 過去最大の下落幅を記録https://t.co/kZSwuNtoyc

— 米国??トム仮想通貨通信? (@TOMcryptonews) February 4, 2022

Rise of Web3: Metaverse tokens surge as Meta’s share price plunges Decentralized Metaverse tokens have made steady gains this week, despite a dump in the... - https://t.co/nh2F2JTrrp #nfts #nftcollector pic.twitter.com/GQfsvyzxgE

— Charlotte Kruse (@CharlottesKruse) February 4, 2022

Another yet reason for @TokenplaceTOK … when everyone was just stuck on one #Bitcoin … the universe is vibrant and diverse! #Rise of #Web3: #Metaverse #tokens surge as Meta’s share price plunges https://t.co/HBBHmMMnnh via @cointelegraph @TokenplaceTOK

— Nina Knox (@nina_knox) February 4, 2022

Why Zuckerberg DGAF about losing Facebook users

An alternative perspective on Meta's performance results https://t.co/pKxuDFxdH7

— Matt Navarra (@MattNavarra) February 4, 2022

Meta's stock nosedive was no surprise, says Reddit co-founder @alexisohanian

All of the "savviest marketers," have started ditching Facebook for advertising, he said

https://t.co/fkwbHuTn3g

— Matt Navarra (@MattNavarra) February 4, 2022

An explainer on why Apple's privacy changes have relatively little effect on Snap, Twitter and Pinterest, but helped knock off over $200 billion of Meta's market caphttps://t.co/ri82zaAPV1

— Sheila Dang (@Sheila_Dang) February 4, 2022

You should have stayed away from Motiji ?? https://t.co/zBgWOuLXH6

— GeeTaNJaLi_WithRG (@JaliFromAtlanta) February 4, 2022

Zoomers are killing Facebook, and I thank them for their service https://t.co/oIek9tNSTU

— Alex Lambson (@AlexLambson) February 4, 2022

Competition in tech eventually takes care of itself.... Facebook down massively, Snapchat up. Thousands of FB employees will now have restricted stock grants under water and think about leaving.... https://t.co/FzA4DFGXG0

— Andris K. Berzins (@akberzins) February 4, 2022

Fortunately he created an alternative reality for himself. ?

“Facebook owner Meta sees biggest ever stock market loss - BBC News” https://t.co/IFdPIVBw9m

— Maarten VdA (@maartenvda) February 4, 2022

Shocking Plunge

Facebook's owner Meta Platforms saw its stock market value slump by more than $230bn

Facebook's daily active users (DAUs) had dropped for the first time in its 18-year history

Mark Zuckerberg's net worth fall by $31bn
https://t.co/pS0QTg6TlD

— Soumyajit Pattnaik (@soumyajitt) February 4, 2022

Facebook owner Meta sees biggest ever stock market loss https://t.co/p4SuTv71SY

— the painter flynn (@thepainterflynn) February 4, 2022

What a shame. Couldn’t happen to a nicer organisation, etc. https://t.co/JbrAjigdKf

— /dev/null (@sunildvr) February 4, 2022

This is what happens when you peddle hate for profithttps://t.co/Pa9G6ngjjC

— ?? Geo ?? Ⓜ️Ⓜ️No More Malarkey! ??????? (@Geo_Is_Pissed) February 4, 2022

Good God it's beautifulhttps://t.co/w4cvbrBHgE

— Dermot McGrath (麦德蒙) (@dermotmcg) February 4, 2022