one day before meta Platforms Inc. Of the first mass layoffs in November, a senior executive shared some good news. The company’s short-form video product, Reels, was gaining traction with users, and the threat posed by rival TikTok appeared to be waning.
“Facebook engagement is stronger than people expected,” Facebook chief Tom Ellison wrote in a memo to his employees. “Our internal data indicates that Meta has grown in a meaningful share of short-form videos.”