Facebook is losing users for the first time ever and shares in Meta plunge

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“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,” he said.

Meta is investing more into short-form videos to better compete with TikTok, including Reels, which the company launched on Instagram in 2020.

Facebook’s chief financial officer David Wehner also blamed an increase in internet data prices in India, its largest market.

Everyone wants to own the metaverse including Facebook

Meta reported a sharp increase in costs as it builds its metaverse project Zuckerberg has claimed could eventually replace the internet. The costs combined with a weak revenue forecast scared investors, knocking almost $200 billion off the valuation of the company.

USA TODAY’s Jessica Guynn and The Associated Press contributed to this report. Follow Brett Molina on Twitter: @brettmolina23.

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