According to a Financial Times investigation, Snapchat, Facebook, Twitter, and YouTube lost approximately $9.85 billion in revenue as a result of Apple's changes to its privacy practises. Apple announced the App Tracking Transparency (ATT) policy last year, which requires apps to request permission to track users' data. The policy, which went into effect in April, prohibits apps from tracking users who opt out.
Facebook publicly chastised the move with a full-page newspaper ad, and thanks to the FT's report, we now understand why company executives were so irritated. Due to its massive size, Facebook lost the most money "in absolute terms" when compared to other social platforms, according to the report. Meanwhile, Snap "fared the worst as a percentage of its business" because its advertising is primarily focused on smartphones, which makes sense for a product with no desktop version.