How to edit an existing ad in Facebook & Instagram Ads Manager

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The Ads Manager platform allows you to manage and edit your campaigns, ad sets or ads. Editing lets you make changes to active or inactive campaigns, ad sets or ads. You have the option to publish changes immediately or save changes to publish later.

Bare in mind that you will not be able to edit the TEXT and photo or video of an ad you have created using an EXISTING POST on your page. You can only do that with ads created from scratch in ads manager.
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