Finance
Meta, the parent company of Facebook, is reportedly developing a dedicated Twitter-like social media application for people to post text-based updates.
Platformer reports that the project, codenamed “P92,” will allow users to log in using their existing Instagram credentials.
MoneyControl was the first to report on this trend.
“We’re exploring a standalone decentralised social network for sharing text updates. “We believe there is an opportunity for a separate space where creators and public figures can share timely updates about their interests,” said the company.
According to the report, Instagram CEO Adam Mosseri is in charge of the project.
The product is still in its early stages, with no set release date, but legal and regulatory teams have already begun to investigate potential privacy concerns surrounding the app to address them before launch, according to the report.
Furthermore, in the months since Elon Musk took over Twitter, several rival platforms have launched or gained traction, including Mastodon, Post.news, and T2.
Instagram introduced a new feature called Notes in December of last year, allowing users to share short posts of up to 60 characters using only text and emojis.
Twitter Co-Founder and Former CEO Jack Dorsey returned to the social media game earlier this month with the launch of his Twitter alternative called “Bluesky,” which is currently available in the Apple App Store in the testing phase.
