Meta Platforms (META) has announced plans to launch a Twitter rival called “Threads,” integrating it with the company’s existing Instagram photo-sharing site.
Referring to it as a “microblogging app,” Meta plans to officially launch Threads on July 6, providing an alternative to the Twitter platform that dominates social media worldwide.
Users of Instagram will be able to retain their followers and transfer them to Threads, as well as keep their existing username on the new social media platform, according to Meta Platforms.
The introduction of Threads is a direct challenge to Twitter, which has faced numerous controversies since Elon Musk purchased the company last autumn for $44 billion U.S.
The latest controversy saw Musk announce a cap on how many posts unverified users can read on the social media site.
If people want to read unlimited Twitter posts, then they must now pay a monthly fee to become verified on the platform.
Other alternatives to Twitter have cropped up in recent years, including Mastodon and Blue Sky, none of which has been able to mount a serious challenge to Twitter’s dominance.
However, Instagram already has hundreds of millions of registered users and a history of introducing new features that have proven to be successful.
Analysts say Meta Platforms strategy to integrate Threads with Instagram could lead to a major challenge for Twitter going forward.
After acquiring Twitter last October and taking it private, Elon Musk laid off 80% of the staff and reinstated several banned accounts, including that of former U.S. President Donald Trump.
Hundreds of advertisers have since left Twitter.
Meta Platforms’ stock has risen 129% so far this year to trade at $286.02 U.S. per share.
