Adeyemi Matthew
“We’re exploring a standalone decentralized 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,” a Meta spokesperson told Reuters in an emailed statement.
Meta’s app will be based on a similar framework that powers
Mastodon, a Twitter-like service that was launched in 2016.
A Twitter-like app would allow Meta to take advantage of the
current chaos at the Elon Musk-led company, where cost-cutting has been
rampant.
Twitter has been struggling to hold on to its advertising
base since Musk’s takeover of the platform late last year. Companies have
pulled back spending following Twitter’s move to restore suspended accounts and
release a paid account verification that resulted in scammers impersonating
firms.
Meta’s app will be based on a similar framework that powers
Mastodon, a Twitter-like service that was launched in 2016.
Meta's plans come at a time when its most prominent
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.
Its video-sharing app, Instagram, is also facing stiff
competition as content makers or hit influencers abandon the platform for
TikTok.
It was not immediately clear when Meta would roll out the
new app.
'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.'
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