In order to increase revenue to levels it used to be, this former college rating service is selling every bit of your information to any company who wants it.
Every bit of your information, including information they told you they were not tracking.
Facebook (Meta)
Why the Facebook owner’s shares are in freefall
Mark Zuckerberg’s social media empire felt the full force of investors’ concerns about its growth prospects on Thursday, as the revelation of Facebook’s first-ever drop in daily users helped trigger a selloff, with shares down by a quarter.
Facebook is Meta’s biggest app and it recorded its first fall in daily active users – a key growth metric – since the company was founded in 2004. Global daily users dropped from 1.93 billion in the third quarter of 2021 to 1.929 billion. It was led by a decline in users in Africa and Latin America, which is worrying for Meta because it needs to grow outside of its main market in the US, where growth fell too, albeit not for the first time.
Last year a whistleblower, Frances Haugen, released internal documents that included presentations warning that Facebook was losing young users. One document revealed that “engagement is declining for teens in most western, and several non-western, countries”.
Zuckerberg, Meta’s founder and chief executive, identified the video-sharing app TikTok as a key contributor to the user growth problem. “People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,” he said on Wednesday’s earnings call. Chinese-owned TikTok has 1 billion users worldwide and is one of the reasons why Meta is struggling to compete in the market for young consumers. – Source
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