Shares of Meta Platforms (NASDAQ: META) were on an upswing in pre-market trading at the time of publishing on Thursday after the metaverse company debuted its messaging app Threads, a rival to Elon Musk‘s Twitter a day earlier on Wednesday. META has pitched Threads as Instagram’s “text-based conversation app.”
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Mark Zuckerberg, Meta’s CEO, and co-founder, announced the debut of Threads. With Threads, the company is looking at capturing the innumerable Twitter users who left the social media platform following Musk’s acquisition of Twitter. Threads is in many ways, similar to Twitter as users can like, comment upon and share short messages in Threads.
The Threads app is available to download for free on the Apple App Store and Google Play online store in over 100 countries. According to a CNBC report, Threads had already crossed 5 million signups in the first four hours after its release. Many Instagram users could signup for Threads using the Instagram login and had received invitations to access Threads from within their Instagram accounts. However, to use the messaging service, they have to download the app.
Analysts are bullish about META stock with a Strong Buy consnesus rating based on 36 Buys and four Holds.