Facebook Officially Failed to Copy TikTok and Pinterest

Facebook (NASDAQ: FB) is shutting down two of its apps this month, Lasso and Hobbi. Both apps borrowed heavily from competitors in social media.

Lasso was a clone of TikTok, providing tools to create and share short videos. Hobbi looked a lot like Pinterest (NYSE: PINS), giving users a place to collect images and ideas related to their hobbies. Both apps were run by Facebook's New Products Experimentation team, and while Lasso lasted a couple of years, Hobbi was less than six months old.

Facebook's decision to shut down the two apps shouldn't have a major effect on the company's day-to-day finances. But it also doesn't mean ByteDance, TikTok's parent company, and Pinterest can breathe easy. The 800-pound gorilla of social media will undoubtedly continue working to co-opt the best features from its rivals and make them its own. 

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Source Fool.com