Foremost Tech organization, Meta, has commenced plans to establish a company that will compete against the microblogging site, Twitter.
The parent company of several social media platforms announced that an app that will have similar features to the microblogging site is in the works.
In a statement shared with Reuters, a Meta spokesperson said,
“We’re exploring a standalone decentralised 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.”
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The move comes amid Meta’s efforts to retain users in its social networks, especially with an ageing user base and the rise of stiff competition like TikTok.
Forbes reported in February 2022, that Facebook, one of Meta’s platforms, lost approximately 500,000 daily users in the last three months of 2021.
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If successful, the app by Meta will pose competition for Twitter which was recently acquired by Elon Musk.
Musk, who bought the plaform for about $43 billion dollars last year, resorted to cutting the cost of running the company by massive layoffs. His stance against censorship among other things has upset many and consequently led to advertisers pulling out their funds from the company.
