Mali Escalates Gold Dispute, Airlifts $245 Million Worth of Barrick Gold Stocks
Mali's government intensifies control over mining sector, confiscates gold from Barrick Gold's Loulo-Gounkoto mine, sparking concerns among Western mining companies.
Sophia Steele
Instagram CEO Adam Mosseri testified in a DC courtroom on Thursday, shedding light on the intense competition between Instagram and TikTok in the social media landscape. Mosseri's testimony was part of the Federal Trade Commission's (FTC) antitrust trial against Meta, Instagram's parent company, which alleges that Meta illegally monopolized the market for personal social networking services.
Mosseri revealed that Instagram faced a "reality check" when TikTok gained popularity, leading to a decline in user engagement on the platform. In 2019, Instagram estimated that 23% of the decline in time spent on the app in the US was due to TikTok. Mosseri wrote to his team in March 2020, "We can't explain it all, but what's clear at this point is that we need to adapt, and do so quickly," emphasizing the need for Instagram to recover and grow.
Despite the challenges, Mosseri highlighted the importance of friends and family on the platform, stating that "you're either growing, or you're slowly dying." He testified that connecting with friends is still a central part of Instagram's service, differentiating it from rivals like TikTok. Mosseri also noted that while Instagram has seen success with its Reels feature, thanks in part to improved AI recommendations, TikTok remains "the fiercest competition that we have faced."
Mosseri's testimony also bridged the gap between earlier testimony from Facebook CEO Mark Zuckerberg and Instagram co-founder Kevin Systrom. Mosseri, who took over as CEO when Systrom left in 2018, provided a third perspective on the key question of whether Meta helped grow Instagram or bought it to squash a nascent competitor and later deprive it of resources. Mosseri observed that Instagram had "drifted culturally a bit too far apart" from Facebook, but ultimately benefited from the acquisition, gaining access to Facebook's resources and experience.
The antitrust trial against Meta is ongoing, with the government alleging that the company illegally monopolized the market for personal social networking services. The trial has highlighted the intense competition between social media platforms, with Instagram and TikTok emerging as key players in the market. As the trial continues, it remains to be seen how the court will rule on Meta's market dominance and the implications for the social media landscape.
In the meantime, Mosseri's testimony has provided valuable insight into the competitive dynamics between Instagram and TikTok, as well as the importance of friends and family on the platform. As the social media landscape continues to evolve, it's clear that Instagram will need to adapt quickly to stay ahead of the competition.
Mali's government intensifies control over mining sector, confiscates gold from Barrick Gold's Loulo-Gounkoto mine, sparking concerns among Western mining companies.
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