Meta Platforms’ (NASDAQ:META) Twitter rival Threads app continues to gain traction. After surpassing 70 million users last week, the app has now inched past the 100 million user count.
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Remarkably, this is a faster growth than ChatGPT and comes on the back of Threads’ interconnectivity with Instagram as users can also link their Threads profiles with their Instagram accounts. This means Threads has a readymade user base of two billion to tap into.
Threads’ rapid strides come at a time when Twitter remains in turmoil with a series of changes such as the recent restrictions on how many tweets a user can see in a day. At the same time, legal actions from Twitter remain a potential threat to Meta.
Overall, the Street has a $304.21 consensus price target on Meta alongside a Strong Buy consensus rating. Shares of the company have already skyrocketed nearly 133% so far this year.
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