TikTok CEO Slams Facebook, Calls Reels a 'Copycat' Product

Author:
Publish date:
Video Duration:
58

Two social media giants, TikTok and Facebook  (FB) - Get Report, are battling to get more attention on their platforms.

On Wednesday, TikTok CEO Kevin Mayer took a dig at Facebook in a blog post, accusing Facebook's new Instagram feature Reels of being "another copycat product." 

"Facebook is even launching another copycat product, Reels (tied to Instagram), after their other copycat Lasso failed quickly," Mayer wrote. "But let's focus our energies on fair and open competition in service of our consumers, rather than maligning attacks by our competitor – namely Facebook – disguised as patriotism and designed to put an end to our very presence in the U.S."

Mayer's blog post comes a day after the Wall Street Journal reported that Facebook was offering financial incentives to TikTok stars to join Reels.

Facebook is expected to roll out Reels in early August whereas this month, it shut down Lasso.

Facebook has not yet commented on Mayer’s accusation.

However, last October, CEO Mark Zuckerberg called out TikTok for censoring content.

"While our services, like WhatsApp, are used by protesters and activists everywhere due to strong encryption and privacy protections, on TikTok, the Chinese app growing quickly around the world, mentions of these protests are censored, even in the US," Zuckerberg said during a speech at Georgetown University.

"Is that the Internet we want?" he added.

TikTok has been in the headlines recently for its Chinese owners—it is owned by Chinese company ByteDance. Some critics, including Donald Trump, say they are afraid TikTok might share its user data with the Chinese government.

TikTok was banned in India, along with 58 other Chinese apps, on June 30, with the Indian government citing "national security concerns."

"The entire industry has received scrutiny, and rightly so. Yet, we have received even more scrutiny due to the company's Chinese origins," Mayer said.

"We accept this and embrace the challenge of giving peace of mind through greater transparency and accountability. We believe it is essential to show users, advertisers, creators, and regulators that we are responsible and committed members of the American community that follows US laws," he added.

Meanwhile, the CEOs of tech giants Facebook, Apple  (APPL) , Google  (GOOGLE) and Amazon  (AMZN) - Get Report are testifying before Congress on July 29.

They will be defending the size of their businesses—and arguing that their companies don't discourage competition.

In regards to the competition among social media sites, Mayer wrote that fair competition makes everyone better.

"To those who wish to launch competitive products, we say bring it on," he wrote in his blog post. 

Latest Videos From TheStreet and Jim Cramer: