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Instagram Head Adam Mosseri moves to London

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Yahoo Finance's Dan Howley discusses what an Instagram exec's relocation to London means for Meta.

Video Transcript

- Because Meta subsidiary, Instagram, apparently its head, Adam Mosseri, is moving to London. Is he running from the Kardashians? What's the-- what's the story there?

DAN HOWLEY: That's right Kylie had him cornered. He had to just take off and flee. No, he's moving to London because that's where a number of the engineers for Meta reside. And essentially what he's trying to do here is get them motivated, make some changes there, as they try to head off TikTok.

You know, TikTok has been essentially eating their lunch when it comes to Gen Z and younger generations. Meta has been working to essentially copy what TikTok has done. And, yeah, as you alluded to, that blew up in their face when it came to Instagram and the Jenners and Kardashians kind of saying, look, we don't want TikTok on Instagram. We want Instagram to be Instagram.

And so they rolled back those potential changes that they were looking at. So this is a means to really kind of get deep within the group there that's working on products and try to push them forward more, as well as help with products for creators, hoping to lure more of them and then bring their audiences with them over to Instagram and Facebook itself. And it's worth noting that Meta's family of apps, which include Facebook, WhatsApp, Instagram, Messenger, they dwarf TikTok still.

TikTok has a little more than a billion users. They had made that announcement last year. So obviously that's larger. But when you look at Meta's family of apps, it's more than three billion. So it's still a ways to go to catch up with Meta. But Meta's never been one, and Mark Zuckerberg, the CEO, has never been one to sit idly by when there's competition around.

And so they're trying to figure out how to beat them at their own game. So far, though, especially with that change that they were contemplating to Instagram, it's not paying off.