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The meteoric rise of TikTok has taken massive market share from both Snap and Meta over the last few years.
TikTok is a better product in the short-form videos category. But it has major flaws, which increases its chance of failure in the USA.
As a result of TikTok's instability, domination in the US market is in constant jeopardy, and will likely result in Snap being the biggest beneficiary.