Facebook and Instagram parent Meta Platforms Inc. META has reportedly discussed how to build the next Twitter following the chaotic ride the social media platform has had under new leader Elon Musk.
What Happened: Last month, Meta employees joined a virtual brainstorming session to discuss ideas for building a Twitter rival, according to The New York Times.
"Twitter is in crisis and Meta needs its mojo back," one Meta employee wrote in a post. "LET'S GO FOR THEIR BREAD AND BUTTER."
Many ideas floated during the session, including the rollout of Instagram's new "Notes" feature, building a text-focused app using Instagram's technology and adding a new Twitter-like feed to Instagram. They suggested names for the features as Realtime, Real Reels and Instant.
Why It's Important: A race is going on to dethrone Twitter and capitalize on the chaos of its new regime under Musk, who acquired the microblogging site for $44 billion in October, the report noted.
In November, Musk laid off many employees from the company across departments. Musk's new content moderation approach has also raised concerns. Oreo cookie maker Mondelez International Inc. pulled ads from the platform, saying Musk's takeover caused hate speech to "increase significantly."
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