Meta Bet Scrapped at Brazil Money Manager on TikTok Threat
- IP Capital Partners had held position for four years
- Other U.S. stock bets include Netflix, Amazon, Charles Schwab
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One of Brazil’s oldest independent asset managers said it closed a years-old wager on Meta Platforms Inc. about four months ago, citing the impact of competition from video-sharing app TikTok.
“The competition for time became fiercer given TikTok’s incredible ability to retain user attention,” IP Capital Partners wrote in a note to clients this month announcing the move. “While the short-form video format has had more success among young people, we believe it has a universal appeal and will continue to penetrate older audiences around the world.”