Meta is toying with the possibility of creating a Twitter app competitor

Per Reuters

Meta is looking at possibly creating another standalone app to compete with Twitter. The app would be a decentralized social network allowing users to share text updates.

A Meta spokesperson gave a statement to Reuters through an email sharing that they believe that there is an opportunity for this market. They noted that this would allow creators and public figures to share updates.

Spokesperson: "We're exploring a standalone decentralized social network for sharing text updates. We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests,"

The idea for the standalone app is that it would adopt a Mastodon-like framework. Mastodon is another competitor similar to Twitter that was launched in 2016, ten years after Twitter was founded.

This would potentially be strategic for Meta as they would be able to offer an alternative to Twitter, led by Elon Musk. This comes at a time when Meta struggles with the younger audience and has invested heavily into the metaverse, which has yet to reach the company's targets.

Greek Hill Capital chairman and managing member Thomas Hayes gave a statement regarding the history of Meta. Hayes said that their move to "copy Twitter" was described as a defensive move.

Hayes: "The history of Meta is that they are much better acquirers than they are innovators or developers ... as far as copying Twitter, this is just a defensive move,"

Meta has previously been declared as the worst performing stock of 2022 for the S&P 500. In early November, Meta stock dropped by around 73% compared to the past year during that time.

The company has also recently announced CICERO, its very own artificial intelligence that was reportedly able to compete in a game that required negotiating skills called Diplomacy, getting first place in an eight-game tournament against 21 participants.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Reuters

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.