As Facebook looks to copy more features from TikTok, the popular short video service says it’s not a social network
"I think the thing we probably didn't fully embrace or see is how social this format could be," Alison told The Verge.
Facebook's recent performance backs that up. Meta's stock price is down 52% this year, underperforming the Nasdaq, which has dropped 32%. In April, the companyEarlier in the year, Zuckerberg acknowledged the increased competitiveTikTok is owned by China's ByteDance, which is privately held. Chandlee said history is not on Zuckerberg's side, and compares its current problem to the challenge thatwas creating Google+," Chandlee said. At Facebook,"We had war rooms at the time. It was a big deal. Everyone was worried about it," he said.
But no matter how much money Google poured into its social-networking efforts, it couldn't compete with Facebook, which had become the default place for people to connect with friends and share photos and updates."I see the same thing now," he added."We're really good at what we do. We bring out these cultural trends and this unique experience people have on TikTok.
Chandlee said he hasn't seen a slowdown in ad spending on TikTok, despite what's being reported by companies like
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