If the idea of a new Twitter released this summer from Instagram sounds too hard to believe, then you’re definitely not alone. But that’s what a recent Bloomberg report noted: Meta Platforms’ (NASDAQ:META) Instagram is currently working on a text-based app to rival Twitter. And as a result, Meta Platforms is down slightly in Friday afternoon’s trading.
The new app may go live in as little as three weeks from right now, the report noted. Right now, it’s currently in the hands of “celebrities and influencers,” who are apparently handling the beta testing to be sure it can handle the high volumes at which celebrities and influencers commonly use a social media app. Though the app itself is considered separate from Instagram, it may allow users to link to it and potentially others like Mastodon.
The move comes just as several Twitter employees have recently been removed from Twitter itself thanks to a series of changes made under CEO Elon Musk. Meta’s new app was designed as a way to offer “…creators and public figures” the ability to “…share timely updates about their interests,” which is pretty much just a Twitter not run by Elon Musk. This is apparently sufficiently popular a notion to make developing an entire program around it worthwhile. As Meta continues to seek out new revenue streams, this might just be the latest winner.
Overall, analysts are optimistic as Meta Platforms’ 39 Buy ratings, five Holds, and two Sells make it a Strong Buy. Further, META stock offers investors 14.84% upside potential thanks to its average price target of $281.05.
