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Snap stock is down 24% today.— Chris Bakke (@ChrisJBakke) February 3, 2022
Facebook stock is down 28% today.
That's because Facebook copies everything Snap does and makes it slightly worse.
Meta said in a release it is facing "increased competition for people's time."— Kurt Wagner (@KurtWagner8) February 2, 2022
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
"Meta Says Apple’s Privacy Changes Could Cost the Company $10 Billion"— Paul Thurrott (@thurrott) February 3, 2022
Good. I wish it were more.
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
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— shoshana wodinsky (is on vacation) (@swodinsky) February 3, 2022
sometimes, "work" can mean producing specific kinds of engagement from users for specific ends
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.— Hank Green (@hankgreen) February 3, 2022
For creators, they move slow and break things.
NEW: Meta's collapse means it's inching pretty close to the threshold Congress set for companies covered in its antitrust bill.— issie lapowsky (@issielapowsky) February 3, 2022
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
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
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
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
Facebook stock drops 25% after losing DAUs first time ever. Reasons cited - TikTok, YouTube, iOS tracking— Amit Ranjan (@amitranjan) February 4, 2022
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
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
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
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
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
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.— parker (@pt) February 3, 2022
Thanks, Tim Apple! https://t.co/HnG1NqKw9b
Twitterverse should remember this is horrifying for the vast majority of Meta's employes, they have no influence in any of this.— Adam Holisky ? (@AdamHolisky) February 3, 2022
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
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
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
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— shoshana wodinsky (is on vacation) (@swodinsky) February 3, 2022
and i *think* i know why he's hot on video rn: https://t.co/QLwkp3cY2w
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:— Michael Sayman (@michaelsayman) February 3, 2022
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
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
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
Shocking Plunge— Soumyajit Pattnaik (@soumyajitt) February 4, 2022
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
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