Meta Platforms is exploring a standalone decentralized social network for sharing text updates, a company spokesperson said, in what could be a direct competitor to billionaire Elon Musk's Twitter
Meta's plans come at a time when its biggest platform, Facebook, is struggling to attract the attention of a younger audience, while its huge investments in the metaverse, a virtual world where users interact and work, show little signs of paying off, at least in the near term.
The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann/File Photo Its video-sharing app, Instagram, is also facing stiff competition as content makers or hit influencers abandon the platform for TikTok."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," said Thomas Hayes, chairman and managing member of New York-based Great Hill Capital.
"They're just trying everything... at least with a mini blogging site like Twitter, there's some expectation that it could start to make money out of much quicker timeline than the metaverse investment."Meta shares were marginally higher at $181.7 in early trade on Friday. They have gained about 51% so far this year.
Reporting by Shubham Kalia, Shubhendu Deshmukh and Yuvraj Malik in Bengaluru; Editing by Sherry Jacob-Phillips and Anil D'Silva
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