We have already talked about the Facebook crisis, i.e. Meta, and the precipitous decrease in the value of the firm, as well as about Mark Zuckerberg himself following the release of the company's financial data this week. There are a variety of factors contributing to this reduction, including a general sense of pessimism about the future, including the strain of competition on Facebook, and particularly on one company or network. People have a choice in how they spend their time, and applications such as TikTok are increasing at an alarming rate, according to Zuckerberg, who also warned of the danger that they face right from the start of their use of TikTok.

Additionally, Evan Spiegel from Snape discussed developments in the social media business this week. Instead of experiencing a downturn, his company saw an unexpectedly strong quarter in which they saw an increase in the number of users and higher-than-expected revenues, but he warned that a similar trend could be emerging in the social media sector.

Specifically, he stated that Snapchat users currently spend less time exploring Stories, while Spiegel and his team hoped that those figures will climb as a result of weaker security measures and the company's decision to decommission the app. They had previously attributed lower interest in stories with the fact that individuals were spending more time at home as a result of the lockdown, and hence there was a lack of intriguing material to publish as a result of this. However, after all of this time, the numbers have not returned to pre-pandemic levels, and for many, Story has taken the place of content previously published on Spotlight, a competitor of Snap's TikTok, where producers post videos.

Despite the fact that they are coming off of completely different quarters, in which Meta experienced its biggest drop to date and Snap experienced a significant increase in value as a result of strong business results, Mark Zuckerberg and Evan Spiegel still agree on one thing: the future of the internet. In particular, both firms have identified TikTok as their most significant rival. According to the authors of The Verge, the conclusion that can be drawn from this is that the future of social networks will look just like the Chinese social networking site.