Is Meta trying to take over Twitter users now with the turmoil around Twitter under the new owner Elon Musk? Meta has confirmed the company is testing a text service that looks similar to Twitter. At the same time, The Wall Street Journal says Meta will soon announce new big layoffs of staff. Meta CEO Mark Zuckerberg has earlier said. 2023 will be the “year of efficiency”.
“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 Meta spokesperson told Reuters in an emailed statement.
The tested service is said to be a standalone text-based content app that will carry the Instagram brand. Users will be able to log in and sign up to the platform using their Instagram credentials and broadcast their posts to others.
Twitter has struggled since Elon Musk last year bought the company for USD 44 billion. His more relaxed policy concerning moderation of what can be said on Twitter and the return of users who have had their accounts blocked because of hate speech, has led to advertisers pausing their use of Twitter. Companies have feared that their ads would show up in connection with tweets that could damage their reputation.
Market research firm Insider Intelligence in a forecast in December said Twitter’s global monthly user base will shrink 3.9% 2023 and 5.1% in 2024. Users will start to leave the platform 2023 as they grow frustrated with technical issues and the proliferation of hateful or other unsavoury content,” said Insider Intelligence’s analyst Jasmine Enberg.
“Meta Platforms is planning additional job cuts in multiple rounds over the coming months that in total would be roughly the same magnitude as the 13% reduction in its workforce last year”, Wall Street Journal reports.
“Facebook parent Meta Platforms Inc. is planning additional layoffs to be announced in multiple rounds over the coming months that in total would be roughly the same magnitude as the 13% cut to its workforce last year, according to people familiar with the matter.”
“The new cuts, the first wave of which is expected to be announced next week, are likely to hit non-engineering roles especially hard, the people said.”
The newspaper says Meta is also expected to shut down some projects and teams in conjunction with these cuts.