Sisters Kylie Jenner and Kim Kardashian are not impressed with the changes made to Meta Platforms Inc’s META Instagram platform, which they say makes it more TikTok-like.
What Happened: Kardashian who has a 326 million-strong million following on Instagram and Jenner with 360 million followers on the platform posted, “Make Instagram Instagram Again.”
The two sisters reportedly shared a petition by social media influencer and photographer Tati Bruening, who is trying to start a “movement.”
Why It Matters: The sisters criticized the redesign of Snap Inc’s SNAP photo-oriented platform Snapchat in 2018, noted CNBC, which led to Snap shares falling more than 7% at the time.
Last month, ByteDance-owned TikTok President of Global Business Solutions Blake Chandlee said it was not worthwhile for Facebook to copy TikTok as it could disappoint users and brands. Notably, Chandlee is a former veteran of the Mark Zuckerberg-led Meta.
Earlier in the year, it was reported that TikTok has been eating into the ad shares of its rivals including Instagram.
Zuckerberg has been pushing on short videos, a medium that TikTok dominates, noted CNBC.
Price Action: On Monday, Meta shares closed 1.5% lower at $166.65 in the regular session and declined 0.5% in the after-hours trading, according to Benzinga Pro data.
Benzinga’s Take: Zuckerberg and company are preparing for what he called one of the “worst downturns” that they’ve seen in recent history. It is only natural that they throw everything they have at competing with TikTok, which is increasingly popular with younger audiences. However, Instagram users might not take kindly to their platform’s transformation, as is evident by the more than 1.4 million likes garnered by Bruening post. It remains to be seen if Meta will pay heed to what the Kardashian’s want.
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