Meta, the parent company of Facebook, Instagram, and WhatsApp, has launched its new app called Threads, aiming to rival Twitter. Within the first two hours of its launch, over 2 million users signed up for Threads, according to Meta CEO Mark Zuckerberg. The app was built by the Instagram team, and users can easily log in using their Instagram accounts.
Threads is now available to users in 100 countries, excluding the European Union. Bloomberg reported that the app is not yet available in the EU due to regulatory concerns. Despite this limitation, Zuckerberg expressed his excitement about the app’s early success and welcomed users to join him in building something great together. Zuckerberg himself has already gained nearly 200,000 followers on Threads.
Zuckerberg has set ambitious goals for Threads, stating that he envisions it becoming a new digital town square with over 1 billion users. He believes that Twitter has had the opportunity to create this platform but has not succeeded thus far. With Threads, Zuckerberg aims to fill this gap and provide users with a public conversations app unlike any other.
One of Zuckerberg’s first posts on Threads outlines Meta’s vision for the app and its potential to replace Twitter. However, it remains to be seen whether Meta can convince Twitter users to make the switch. Billy Duberstein, a portfolio manager at Stone Oak Capital, believes that Twitter’s first-mover advantage and established network effects could make it challenging for users to migrate to Threads.
While Meta has not shared its advertising and monetization plans for Threads, investors are optimistic about the possibilities the app presents. Nonetheless, Duberstein emphasized that Meta’s clash with Twitter may be an unstoppable force colliding with an immovable object. Only time will tell how successful Meta will be in challenging Twitter’s dominant position in the social media landscape.
Following the launch of Threads, Meta’s shares rose by 1% in after-hours trading, reaching $297.40 per share. This increase contributed to the company’s overall growth, as its shares have risen by 145% this year.
Insider reached out to Meta for comment but did not receive an immediate response.
In conclusion, Meta’s Threads app has gained significant traction within the first two hours of its launch, attracting over 2 million users worldwide. With ambitious goals to become the go-to platform for public conversations, Meta aims to challenge Twitter’s dominant position. However, convincing users to make the switch may prove to be a challenging task. Investors and industry experts are closely monitoring the progress and potential impact of Threads on Meta’s overall performance.
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