TikTok is reportedly becoming Facebook’s worst enemy.
The popular video-sharing app recently opened an office in Mountain View, California, just minutes away from Facebook’s HQ in Palo Alto. After moving close to Facebook HQ, TikTok has been getting a bit too close for comfort. TikTok now occupies the office where Facebook’s WhatsApp used to be headquartered in. According to CNBC, the company has even been poaching Facebook employees. TikTok has hired more than two dozen former Facebook employees since 2018. One TikTok employee told CNBC that their company offers salaries up to 20% higher than those received at Facebook. Facebook isn’t the only source of TikTok’s newest talent, as they’ve reportedly poached employees from Apple, Snap, and Google, among others.
Facebook has yet to recognize TikTok as its officially listed competition in financial documents, but the social network has certainly noticed what’s going on. Facebook launched Lasso, its own short video app, last November. Lasso is very similar to TikTok, but it failed to take off. Despite that failure to launch, Facebook’s Instagram appears to be taking the leading roll in competing with TikTok. They are reportedly working on a tool that would allow users to combine short videos and music, making their offer quite similar to TikTok’s. Speaking about Facebook’s plans to compete with TikTok, Mark Zuckerberg commented: “So yeah. I mean, TikTok is doing well … we’re trying to first see if we can get it to work in countries where TikTok is not already big before we go and compete with TikTok in countries where they are big.”