Famous social media platforms owner Meta Inc witnessed a decline in its shares by more than 20 per cent. The company said that changes in the privacy policy of Apple and the competition of TikTok have affected the revenue.
According to the stats, the number of Facebook users dropped from 1.930 billion to 1.929bn. According to Meta, the changes in Apple’s privacy has made it difficult to track ads on Instagram and Facebook. It added that supply-chain disruptions have also caused issues on the macroeconomics level along with the competition from YouTube and TikTok.
However, the CEO of Metaverse Mark Zuckerberg has shown optimism and said that the company had made progress through commerce, Reels and virtual reality. He added that they would continue the investment in these areas and build towards building the metaverse.
During the fourth quarter, Facebook’s monthly active users were reported to be 2.91 billion. As compared to the previous year the platform has shown no progress in the area. Meanwhile, other giants like Pinterest Inc, Twitter Inc, and Snap Inc suffered a loss in value worth $15 billion.