The stocks of Meta Inc, the parent company of Facebook and Instagram, reached an 18-month high at $295.29 in the previous trading session as they prepared to launch Instagram Threads, which is described as their long-awaited answer to Twitter, owned by Elon Musk. However, on Thursday, the stocks of Meta saw a decline even as 10 million users signed up for Threads within the first few hours of its launch.
Threads has emerged as a significant competitor to Twitter in the micro-blogging social sector. Despite facing potential competitors, Twitter has maintained its iconic status as a leader in this field. Threads was made available on the Google Play Store and Apple App Store in over 100 countries and now offers users an ad-free experience.
Meta CEO Mark Zuckerberg, using his official Threads account, announced that there were 10 million sign-ups in seven hours. Notable celebrities such as Jennifer Lopez, Shakira, and Hugh Jackman, as well as media outlets like The Economist and The Washington Post, were spotted on the platform. Zuckerberg himself spent time replying to new users on Threads.
Although Threads is a standalone application, it allows users to log in using their Instagram credentials and follow the same accounts. Analysts believe this built-in user base and advertising apparatus will benefit the platform. The app allows short text posts with interactivity, including reposting and replying. However, it does not include a direct messaging option. Users can create posts of up to 500 characters and include images and videos up to 5 minutes long.
As of the latest update, Meta’s shares were trading 0.30 percent lower at $293.57 on the Nasdaq 100 index.
