Snapchat fell nearly 7 percent on Tuesday after Facebook announced it was beefing up its camera features, making its app a nearly identical clone of Snapchat Stories
Facebook unveiled three new features including Facebook Camera Effects, Facebook Direct and Facebook Stories. The features allow users to add frames and filters to their photos, share disappearing videos with friends, and save stories that can also be shared — nothing unlike what Snapchat already offers its users.
The company is encouraging users to take more pictures and add effects and filters like falling snow and rainbows.
With the update, users will be able to get to the new in-app Facebook Camera with one swipe and will be able to share a picture privately with a friend, or share it on their news feed.