Twitter rival Threads surged to 100 million users within five days of launch, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. The app, which was created by Meta Platforms Inc (META.O), has been set up to mimic Twitter with the same look and feel, albeit with some changes like calling retweets “reposts” and tweets “threads.” It also allows longer posts and videos to be shared on other social media platforms.
It’s not clear how long the app will last, and its popularity is still relatively small, but it has been boosted by turmoil at Twitter. Since tech billionaire Elon Musk acquired it, the company has had to charge to verify accounts, lay off employees, and loosen rules on hate speech. This has drawn in users looking for a sanely run alternative.
The app has been getting a boost from celebrity support, with actors, musicians, and sports stars signing up. Actors Zac Efron, Zoe Saldana, and Shakira posted content on the app, and they will likely share more with their followers. Users can also follow accounts of Netflix and Star Wars, chef Gordon Ramsay, Formula 1 driver Lando Norris and NBA player Seth Curry.
But a big challenge remains for the app, which has no ads yet and is still figuring out how to balance privacy and safety with growth. It is also unavailable in the European Union due to strict data protection rules. Meta said it would focus on establishing trust with users before making monetization decisions.
The app is being rolled out worldwide in English and will eventually go to other languages. The company’s CEO, Mark Zuckerberg, who has over 2 billion Facebook followers, co-founded the website. He is now focused on the Chan Zuckerberg Initiative he and his wife Priscilla established in 2015 to solve some of society’s biggest challenges through collaboration, providing resources, and building technology.
The company’s stock was up 1.4% in premarket trading. It has gained 141% this year, outperforming the S&P 500 index, which is up 15%. The app comes as several other new entrants to the social networking space are trying to challenge Facebook’s dominance. In particular, TikTok’s video-based format has seen rapid growth this year. Twitter’s owner, tech billionaire Elon Musk, has a stake in the new platform and is a significant investor in Meta. The company has invested heavily in video production and has several other products, including its Messenger service. It is expected to report second-quarter earnings on Wednesday.
