Meta Launches Twitter Competitor

Jul 6, 2023 By MarketDepth

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Meta (META:NASD) has launched its twitter competitor which is called Meta Threads. Elon has been leading the charge at Twitter with lots of changes and upgrades to its platform. Some of these controversial changes has allowed Meta to step in and try to fill the gap. Meta already has extensive user data from Facebook and Instagram it has had 10 million sign ups in the first seven hours.

Twitter has made some changes to try and generate more income by limiting number of tweets non-paying users can see and moving tweetdeck behind a pay wall. These changes are Elon’s way of generating massive income for the company. This has also provided an opportunity for a competitor to step in which Meta has.

“Let’s do this. Welcome to Threads.

CEO of Meta, Mark Zuckerberg

Meta has been on an upward trajectory for the whole year with the stock price up over 100% since the beginning of the year. With increased revenue and layoffs to lower overhead they have been forging ahead leaner and ready to expand.The stock price is at $294 intraday and up from $125 in January.