Mark Zuckerberg Acknowledges a Big Mistake

The year 2022 has been a bloodbath for the social-media giant, which was founded in 2004. The stock is off 61% this year, losing about $560 billion of market value.

TikTok has become the main destination for the advertisers and it also appeals to the Gen Z population.

TikTok, a subsidiary of the Chinese group ByteDance, is taking market share from Facebook and Instagram.

Meta launched Reels, a product similar to TikTok, in response to the competition.

"I would say I actually think TikTok — they’ve proven to be a very effective competitor.

I think we were somewhat slow to this because it didn’t fit my pattern of a social thing; it felt more like a shorter version of YouTube to me,"

Zuckerberg said in an interview with Ben Thompson’s Statechery newsletter.

The popular success of TikTok stems from its algorithm, which delivers short videos to users based on their search histories and habits, experts say. 

The content offered to users is not primarily that of their friends and relatives, as is often the case with Facebook and Instagram feeds.

Zuckerberg is determined, however, to regain leadership, saying that artificial intelligence should assist Meta get ahead of the trends on social networks.