Hearsay mill: Meta is creating a micro-blogging app to compete with Twitter

Is Meta, the father or mother agency of Fb and Instagram, actually engaged on a text-based social community app?

That is what the speculation is saying. Information broke over the weekend that Mark Zuckerburg’s agency is constructing one thing loads like Twitter.

“We’re exploring a standalone decentralized social community for sharing textual content updates. We consider there’s a possibility for a separate house the place creators and public figures can share well timed updates about their pursuits,” a Meta spokesperson told Reuters in an emailed assertion.

Clearly, such a transfer would benefit from the alleged chaos at Twitter, since Elon Musk took over. Though in actuality, this chaos may need been exaggerated by those that disagree with Musk on political grounds.

Based on the rumours, the brand new app is codenamed P92, and can enable customers to entry it via their present Instagram log ins. It’s going to run on a decentralised construction which means it can’t be purchased, offered or managed by a single proprietor.

If true, it is one other daring punt by Meta, which has endured a tricky few years. Fb and Instagram are shedding out to TikTok, Oculus is struggling to interrupt out of its gaming area of interest and the metaverse idea is swallowing cash for negligible return. Different audacious ventures, such because the Diem/Libra stablecoin, additionally did not fulfil their promise.