in an exceptionally ironic moment if you know what Facebook did to newsrooms around the country, Meta is… pivoting to video?

At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. It is important to focus on growing Facebook’s short-video product, he said.

Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an “unprecedented level of competition,” with the rise of TikTok, the rival viral-video platform. Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.