In the face of antitrust action by the US Federal Trade Commission, and suits in the EU and among US states, Meta is citing its decline in stock price and popularity as a sign that “competition is alive and well,” reports Axios.
ISD Senior Research Manager Jared Holt speaks with the outlet about why despite decline among “some demographics,” Meta’s powers and influence will persist.
“The scrutiny that Meta faces is of its own doing, resulting from the company’s aggressive business practices and track record of misrepresenting how its products operate,” Jared said. “Though Facebook is starting to recede in popularity among some demographics, it and other products in Meta’s portfolio remain dominant and important platforms around the globe.”
Meta claims they do not have a monopoly in the ‘big tech’ market with giants like Apple, Microsoft, Amazon, Google and TikTok in the arena.
Meta’s market value has fallen by more than 60% since this spring, losing competition to TikTok while attempting to mimic its rivals video-first interface. It has also lost revenue following Apple’s iOS privacy changes.