Stocks of Meta Inc saw a low trend on Thursday even as 10 million users signed up for Threads, which is said to be Meta’s answer to Twitter, within the first few hours of its launch.
The stocks of Meta hit an 18-month high at $295.29 in the previous trading session as the parent company of Facebook and Instagram prepared to launch Instagram Threads, the company’s long-awaited answer to Elon Musk-owned Twitter. Threads have emerged as the biggest challenger to Twitter, which despite seeing potential competitors has not lost its iconic status as a leader in the Micro-Blogging social sector.
Threads went live on the Google play store and Apple App Store in over 100 countries and will provide users with an Ad-free experience now.
Meta CEO Mark Zuckerberg in his official Threads account wrote, “10 million sign ups in seven hours,”
Accounts of celebrities like Jennifer Lopez, Shakira and Hugh Jackman were spotted on Threads whereas media outlets such as The Economist and Washington Post were also seen on the newly launched platform. Mark Zuckerberg also spent some time replying to new users on the platform.
While Threads is a standalone application, it lets users login using their Instagram credentials and follow the same accounts. Analysts have said it would give it a built-in user base and advertising apparatus. The app features short text posts with interactivity that lets users repost and reply to. It does not include any direct messages option and lets users create posts of up to 500 characters and include images and videos of upto 5 minutes long.
The shares of Meta were trading at 0.30 percent lower at $293.57 on the Nasdaq 100 index today.
