UPDATED. Meta CEO Mark Zuckerberg says Threads logged 5 million sign-ups in its first two hours.
NEW YORK, USA – With Twitter already on the ropes, Meta’s Mark Zuckerberg delivered another blow to Elon Musk on Wednesday, July 5, ramping up the tech billionaires’ rivalry with the launch of Instagram’s much-anticipated companion service Threads, a challenger to 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. Meta stock closed up 3% on Wednesday ahead of the launch, outpacing gains by competitor tech companies as the broader market edged down.
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. Its latest move involvedZuckerberg, in subsequent Threads posts, addressed those challenges. “I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully we will,” he wrote.
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.
The company later incorporated a short video tool, Reels, directly into Instagram and more recently wound down its unit tasked with designing experimental apps as part of a cost-cutting drive.
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