Facebook parent Meta explores plans for Twitter rival

Facebook and Instagram's parent company, Meta Platforms, is working on a text-based social app, competing with Twitter and Mastodon.

"We're exploring a standalone decentralized social network for sharing text updates. We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests," a spokesperson told BBC.

Meta is aiming to take advantage to fill the gap created by Twitter's continuous ongoing chaos, which has lost users' faith in the platform. Twitter has already been struggling with advertising, compelling the company to pull back spending, especially after its move to restore suspended accounts and release a paid account verification which resulted in scammers impersonating firms.

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According to MoneyControl, the app is currently codenamed P92 and will allow its users to sign in through their Instagram accounts. The app is expected to be decentralised like Mastodon, a Twitter-like service launched in 2016.

Meta is struggling to attract the attention of younger audiences, as its investment in Metaverse has yet to bear fruit in the face of Apple's newly launched AR/VR headset.