Facebook Is Expanding Reels, Its Answer to TikTok. It Hasn’t Helped Meta’s Stock.

$Meta Platforms(FB.US)$ -1.98% is rolling out its short-form video offering, Reels, in more than 150 countries in a big bet on its answer to TikTok. Investors don’t seem excited thus far.

The company announced the Facebook Reels global expansion, as well as editing features and a handful of new ways for people to earn money from their content, on Tuesday, but $Meta Platforms(FB.US)$ closed down 2% to $202.08. The Nasdaq Composite COMP-1.23% fell 1.2%.

Reels is a feature, rather than a formal app like TikTok. Though it was launched as a feature on Instagram, Meta is now rolling it out a version of Reals in the Facebook app. Users can cross-post Reels on $Meta Platforms(FB.US)$ and Instagram.

Attracting people who now post popular videos on TikTok to Reels would help to make it a success. Meta’s announcement on Tuesday noted that eligible content creators can earn bonuses of up to $35,000 a month based on how many people watch their content.