Meta Platforms Inc (META)

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Meta already testing its Twitter competitor with influencers, may debut as soon as June
By: Investing.com | May 19, 2023

Meta Platforms Inc (NASDAQ:META) is set to release its rumored Twitter competitor as soon as next month, Bloomberg reported on Friday.

According to people familiar with the matter, Instagram, the company's subdivision known for its eponymous photo sharing app, has been working on a text-based Twitter-like application and is "currently testing the project with celebrities and influencers," with once source claiming the upcoming platform has "been secretly available to select creators for months."

The new app will be fully separate from the company's existing products and brands, but will allow users to connect with their other accounts within Meta's ecosystem.

It is reported the project may see a broad market debut "as soon as June," suggesting the launch could be just weeks away.

Rumors of Meta working on a Twitter competitor have been surfacing since March, but the company is yet to make any official announcement.

The move follows Elon Musk's controversial $44B acquisition of Twitter last year. The new owner has recently hired a new CEO for the 'bird app,' and has been vocal about his intent to turn the platform into an "everything app," with a wide range of additional functionality besides posts.

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