Its competitors, such as Telegram and Signal, actually benefited from this. For example, Signal which wasn’t in the top 1000 apps in the UK jumped to the number one spot over the course of a few days. Telegram had also previously announced that they managed to add 25 million new users in a 72 hour period.
WhatsApp has since announced that they will be putting a pause on the changes as they are hoping that this will give them more time to convince users that these changes, at least for the most part, won’t affect them. The company had previously stated that the data sharing will be mostly between business accounts, and they also reassured users that they cannot read their messages nor have access to their phone logs.