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.

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Reuters