New data has revealed that worldwide searches for ‘Meta stock’ have skyrocketed by 455% since the announcement of Threads, a text-based conversation app that directly challenges Twitter.
The study, conducted by online trading specialists InvestinGoal, analysed worldwide Google search data within 24 hours of the announcement on 4th July 2023.
Threads – described by Meta as the first platform “envisioned to be compatible with an open social networking protocol” in a “new era of diverse and interconnected networks” – has a similar aesthetic and function to Twitter.
The announcement of the app follows recent controversy surrounding Twitter; Elon Musk outraged the user base by limiting the number of Tweets users can view daily on 1st July 2023.
A spokesperson at InvestinGoal said, “The price of shares fluctuates based on not only supply and demand but also public information regarding businesses, including their ownership.
“These findings reveal that online searches for ‘Meta stock’ has increased by 455% on Google. It will be interesting to see if the price of shares for Zuckerberg’s online empire surges and if the value of Twitter stock decreases in turn.”