Meta Platforms Inc. recently made waves with the launch of its new social media platform, Threads. In just its first week, Threads managed to attract a staggering 107 million users, making it the fastest-growing app in history.
According to a report from The Daily Beast, even employees at social media rival Twitter have been drawn to Threads. Some Twitter staff members were particularly impressed with the seamless signup process, while others openly expressed their preference for Threads over Twitter. It appears that Meta’s new platform has successfully captured the attention and admiration of these employees.
To get a better sense of the situation, The Daily Beast conducted a random sample of 133 individuals who identified themselves as Twitter employees on their LinkedIn profiles. The study revealed that 31 of these individuals had created Threads profiles. However, it is worth noting that joining a social platform does not necessarily imply favoritism; some Twitter employees may simply be exploring the competition.
While there are numerous social media platforms available, Threads stands out as a direct rival to Twitter in terms of its text-based nature. Unlike video- or image-focused platforms like TikTok or Instagram, Threads offers a more focused and streamlined experience centered around textual content. Other text-based social media platforms have emerged since the inception of Twitter, such as Bluesky and Mastodon. However, neither has gained as much traction as Threads. Mastodon boasts over 13 million users, while the invite-only Bluesky has been downloaded approximately 375,000 times, according to TechCrunch.
It is worth mentioning that Meta, formerly known as Facebook, has a history of introducing copycat products. Examples include Reels, Instagram Stories, and Facebook Marketplace. With Threads’ rapid growth and appeal among Twitter employees, it will be interesting to see how this rivalry unfolds in the competitive landscape of social media.
Musk’s Controversial Reign at Twitter: Revenue Drops and Misappropriation Claims
According to The Wall Street Journal, Twitter has experienced a significant decline in revenue since Elon Musk, the CEO of Tesla and SpaceX, acquired the social media platform for $44 billion last year. In December, the revenue drop reached approximately 40% on a year-over-year basis. This decline can be attributed to controversies surrounding Musk’s actions, including the removal of verification badges, which critics argue leaves Twitter vulnerable to misinformation and impersonation. Additionally, the mislabeling of media organizations as “state-affiliated” and an 80% reduction in the company’s workforce have further exacerbated the situation.
Earlier this year, a leaked email from Musk revealed that he believed Twitter was worth less than $20 billion, nearly half of what he initially paid for it. This statement raises questions about the true value and potential profitability of the platform.
Recently, Musk’s lawyer, Alex Spiro, sent a letter to Meta CEO Mark Zuckerberg expressing “serious concerns,” accusing Meta of engaging in the “systematic, willful, and unlawful misappropriation” of Twitter’s “trade secrets” with the introduction of Threads. Musk referred to Meta’s Threads launch as “cheating” in a tweet, underscoring the intensity of his allegations.
Despite these conflicts, Meta has continued to thrive. Threads, Meta’s newest venture, achieved an impressive milestone of 100 million sign-ups within its first weekend. Mark Zuckerberg proudly shared this achievement and expressed optimism about future promotions that will further boost the platform’s growth. As a result, Meta’s stock has experienced a noteworthy 3.98% increase since Monday alone and has risen by an impressive 154% year-to-date.
Read on: Discover what has replaced Meta as this analyst’s top internet stock pick.