When a Harvard sophomore started “The Facebook” in his dorm room in 2003, no one could have predicted that in less than a decade his site would displace MySpace as the world’s leading social media platform. Facebook accomplished this impossible feat by offering a more appealing product. Now, Facebook’s parent company is under threat from competitors offering more appealing products, giving it a choice of adopt or die.
Meta Platforms Inc., the parent company of Facebook, Instagram, and other subsidiaries recently suffered a 26% decline in its’ stock price. Facebook founder and Meta CEO Mark Zuckerberg blamed the decline on the rising popularity of Chinese-based social media platform Tik Tok, particularly amongst young people. Zuckerberg reportedly told Meta employees that in order to counter the “unprecedented level of competition” from Tik Tok, Meta would need to start focusing on Instagram’s reel video feature.
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