Mark Zuckerberg, Facebook CEO had an internal meeting with his employees where he was seen saying that TikTok is doing well in the US and is growing quickly in India. The details have been leaked which further said that the CEO has its own plan to counter TikTok. According to the details, Zuckerberg said that Facebook has several approaches to compete with TikTok. He further added that the company will first test the effectiveness of its strategies in the markets where TikTok is not much popular. Tiktok is owned by Beijing-based ByteDance and in India, there are more than 200 million users which are fast approaching the gap with Facebook. Zuckerberg was quoted as saying "So we have a number of approaches that we're going to take towards this, and we have a product called Lasso that's a standalone app that we're working on, trying to get product-market fit in countries like Mexico, is I think one of the first initial ones". Also Read: Reports: Facebook’s Cryptocurrency (Libra) Launch Could Be Delayed He while responding to a question on how Facebook plans to counter TikTok's growing cultural clout among teenagers and Gen Z said: "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". In November 2018, Facebook quietly released an app with the name “Lasso” to give a competition to TikTok. Mark said that TikTok is almost like Instagram's Explore Tab. Zuckerberg said, "I kind of think about TikTok as if it were Explore for stories, and that was the whole app". He further said, "We're taking a number of approaches with Instagram, including making it so that Explore is more focused on stories, which is increasingly becoming the primary way that people consume content on Instagram, as well as a couple of other things there".
