Meta's Mark Zuckerberg delivered a blow to Elon Musk, ramping up the tech billionaires' rivalry with the launch of Instagram's much-anticipated companion service Threads, a clone of Twitter
Meta's Threads app and Twitter logos are seen in this illustration taken July 4, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoMark Zuckerberg delivered a blow to Elon Musk on Wednesday, ramping up the tech billionaires' rivalry with the launch of Instagram's much-anticipated companion service Threads, a clone of Twitter.
Analysts said investors were salivating over the possibility that Threads' ties to Instagram might give it a built-in user base and advertising apparatus. That could siphon ad dollars from Twitter at a time when the microblogging company's new CEO is trying to revive its struggling business. Musk bought Twitter for $44 billion last October, but its value has since plummeted as it faced an exodus of advertisers amid deep staffing cuts and content moderation controversies.
To build up Threads, Meta has been making overtures to social media influencers to attract them to the new app and encouraging them to post at least twice a day, said Ryan Detert, CEO of influencer marketing company Influential.The app also benefits from the failure of other would-be Twitter competitors to take advantage of the service's stumbles.
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