Meta, the tech giant formerly known as Facebook, has made headlines with the launch of Threads, a new social media app linked to Instagram. The app, a direct challenger to Twitter, has attracted a staggering 10 million users within only seven hours of its release. This positive news has triggered a 1.86% rise in Meta’s share price in the pre-market session, following a 2.92% gain on Wednesday.
Threads’ Impressive User Acquisition
In one of his initial posts on Threads, Zuckerberg, using the handle “Zuck,” announced that the app had gathered over 10 million registrations. “10 million sign-ups in seven hours,” Zuckerberg wrote, expressing his astonishment with a “mindblown” emoji.
Zuckerberg had earlier revealed that the new social media platform had amassed two million registrations in its first two hours and five million in its first four hours. “Let’s do this. Welcome to Threads,” were his welcoming words in the first post on the platform.
Comparatively, Instagram announced in October last year that it had reached 2 billion active monthly users. In contrast, Twitter is predicted to have 396.5 million users in 2023. If Instagram can convert approximately 20% of its users to Threads, the new app will surpass Twitter in user base.
The debut of Threads coincides with significant changes in Twitter, the leading text-based social media app. The platform recently announced that verified accounts could read 8,000 tweets per day, unverified accounts 800, and new unverified accounts 400 per day.
Despite this, the release of Meta’s Threads has positively impacted the company’s shares, which are currently up 1.86% in the pre-market session. On Wednesday, Meta’s stock ended the trading day with a 2.92% increase.