Meta, the parent company of Facebook, lost more than $232 billion in value Feb. 3 after Q4 2021 revenue reports on Feb. 2 underwhelmed investors. That marked the biggest single-day value slide in stock market history.

“TikTok is so big as a competitor already and continues to grow at quite a fast rate off of a very large base,” CEO Mark Zuckerberg said on Meta’s earnings call.

Meta executives said privacy changes to Apple’s iOS platform could cut $10 billion from Meta’s earnings in 2022. Facebook lost daily users for the first time last quarter, as well.