Why people are uninstalling Facebook?

Another reason for the drop in Facebook users is the significant lack of trust in the social media platform since the Cambridge Analytica crisis and recent whistleblower leaks from former Facebook employee Francis Haugen showed the company failed to combat misinformation and abuse.

euronews.com - Thumbs down for Facebook as users opt to #DeleteFacebook in a further ...

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The loss of users was most felt in Africa, Latin America and India. As a result of its lower than expected forecast, Meta’s stock price plunged more 26 per cent on Thursday, wiping out $230bn (€200 billion) in its market value. Bloomberg reported Meta CEO Mark Zuckerberg could see $24 billion (€21 billion) erased from his personal fortune due to the stock drop. Meta blamed the weaker forecast on inflation and supply-chain disruptions, which are impacting advertisers' budgets. The company also said it is facing setbacks as a result of Apple's privacy changes in its IOS and has increased competition for users from rivals like TikTok. "People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly," CEO Mark Zuckerberg told AFP News. As a result, Meta has been under fire for its impact on young people.

Calls for boycotts

Others said the problem was more widespread. “I see #deletefacebook trending but it's just one channel of a multitude of channels where hatred and misinformation are peddled every second of every day. Social media needs a complete refresh, whether that's Facebook, Twitter, Tiktok, Gettr, Insta,” another Twitter user posted. But Meta is not the only company facing calls for a boycott. Music streaming giant Spotify forecast 183 million paid subscribers when its current quarter ends, short of the 184 million that analysts had expected. The news saw its shares crash on Wednesday, falling almost 23 per cent at one point. It comes as the hashtags #DeleteSpotify and #ByeSpotify have surfaced since podcaster Joe Rogan invited guests who made controversial comments about COVID-19. High profile artists such as Joni Mitchell and Neil Young have demanded Spotify remove their music in response.

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