Meta CEO Mark Zuckerberg openly admitted that TikTok slowed down Meta’s growth in his testimony in the antitrust lawsuit filed by the US Federal Trade Commission (FTC) against the company. Here are the details on the subject!
Mark Zuckerberg: TikTok’s popularity slowed down Meta’s growth
Meta, which owns platforms such as Instagram, Facebook and WhatsApp, is currently facing an antitrust lawsuit filed by the FTC. Mark Zuckerberg made remarkable statements in court on Wednesday regarding the subject. Stating that TikTok poses a serious threat to Meta, Zuckerberg said that this platform has significantly slowed down the company’s growth.
TikTok’s rise is seen not only as a competitive but also a strategic turning point for Meta. After ByteDance acquired Musical.ly in 2017 and merged it with TikTok, Meta is said to have stopped disclosing Facebook data. Instead, the company started using the “app family” metric, which includes WhatsApp and Instagram.
The FTC claims that Meta is trying to monopolize the tech and social media market by buying big platforms like Instagram and WhatsApp. If the FTC wins the case, Meta could be forced to divest itself of these platforms.
Zuckerberg was asked about not only WhatsApp and Instagram, but also his past acquisition attempts. One of the FTC lawyers asked about Meta’s $6 billion bid for Snapchat in 2013. Zuckerberg responded by saying, “If we had bought them, we would have accelerated their growth, but that’s just a guess.”
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