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Is Meta, the dad or mum agency of Fb and Instagram, actually engaged on a text-based social community app?

That is what the speculation is saying. Information broke over the weekend that Mark Zuckerburg’s agency is constructing one thing loads like Twitter.

“We’re exploring a standalone decentralized social community for sharing textual content updates. We imagine there’s a possibility for a separate house the place creators and public figures can share well timed updates about their pursuits,” a Meta spokesperson advised Reuters in an emailed assertion.

Clearly, such a transfer would make the most of the alleged chaos at Twitter, since Elon Musk took over. Though in actuality, this chaos might need been exaggerated by those that disagree with Musk on political grounds.

In line with the rumours, the brand new app is codenamed P92, and can permit customers to entry it by their present Instagram log ins. It would run on a decentralised construction that means it can’t be purchased, offered or managed by a single proprietor.

If true, it is one other daring punt by Meta, which has endured a tricky few years. Fb and Instagram are shedding out to TikTok, Oculus is struggling to interrupt out of its gaming area of interest and the metaverse idea is swallowing cash for negligible return. Different audacious ventures, such because the Diem/Libra stablecoin, additionally did not fulfil their promise.

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