Meta set to develop Twitter-like app

Meta, a tech giant, has announced plans to compete with Twitter.

The parent company of several social media platforms announced the development of an app with features similar to the microblogging site.

"We're exploring a standalone decentralized social network for sharing text updates," a Meta spokesperson told Reuters.

"We believe there is a space for creators and public figures to share timely updates about their interests."

The application would be based on the framework that powers Mastodon, a Twitter-like service that debuted in 2016.

The move coincides with Meta's efforts to retain users on its social networks, particularly in light of an aging user base and the rise of stiff competition such as TikTok.

According to Forbes, Facebook, one of Meta's platforms, lost approximately 500,000 daily users in the last three months of 2021.

If successful, Meta's app will compete with Twitter, which Elon Musk recently purchased.

Musk, who purchased the platform for approximately $43 billion last year, resorted to massive layoffs to reduce the company's operating costs. His stance against censorship, among other things, has enraged many, leading to advertisers withdrawing their funds from the company.

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