Instagram Launches Threads, a Twitter Competitor: Will Facebook's Parent Company Stock Soar?

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Cindy Mutia Annur 07/07/2023 14:03 WIB

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Instagram just launched Threads, an app touted as a Twitter competitor. So, how is Meta Platforms Inc.'s stock performing now?

Meta Platforms Inc./META Stock Price Trend (July 6, 2022 - July 6, 2023)

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Meta Platforms Inc./META Stock Price Trend (July 6, 2022 - July 6, 2023)

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Instagram officially launched Threads globally on Thursday, July 6, 2023. The social media application successfully attracted significant interest from netizens, gaining 30 million users within a day of its launch.

Threads Instagram is touted as a competitor to Twitter. This is because the application has a similar interface or user interface to Twitter.

Threads Instagram is a text-based social messaging application where users can post short messages that can be liked, shared, and commented on by others. However, unlike Twitter, this application can connect directly with Instagram.

So, what is the stock trend of the parent company, Meta Platforms Inc. (META), after the launch of the Threads Instagram application?

Based on Yahoo Finance data, Meta Platforms stock, listed on the Nasdaq, fell slightly by 0.8% compared to the previous day to US$291.98 per share at the close of trading on Thursday, July 6, 2023, local time.

Meanwhile, at the close of trading on Wednesday, July 5, 2023, Meta Platforms stock rose 2.91% from the previous day to US$294.36 per share.

Despite a slight decline, the stock price trend of Facebook's parent company has tended to skyrocket in the last year. The increase in Meta Platforms' stock price has mainly occurred since the beginning of 2023, as seen in the chart above.

Compared year-on-year (YoY), the price of Meta Platform stock rose 71.98%. In the same period last year (July 7, 2022), the stock price of Mark Zuckerberg's company was only US$169.77 per share.

The increase in Meta Platform's stock in the last year has raised the market capitalization of the issuer to US$729.22 billion.

Meta CEO Mark Zuckerberg said the vision behind the launch of Threads Instagram is to create options and a friendly public space for conversations among its users.

"We hope to take the best of Instagram and create a new experience around text, ideas, and discussing what's on your mind," Zuckerberg said, as quoted by CNN International, Thursday, July 6, 2023.

The arrival of Threads Instagram seems to be a "breath of fresh air" amidst Twitter CEO Elon Musk's policy limiting users' ability to read a certain number of tweets per day. This has led many Twitter users to complain about Musk's policy.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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