If something is not broken, don’t fix it. But when it breaks after Elon Musk buys it, possibly it is best to take one other look.
Social networking giant Meta told Platformer this week that it was “exploring a standalone decentralized social network to share text updates” departure reported.
“We consider there’s a chance for a separate space where creators and public figures can share up-to-date details about their interests,” added Meta. It was the primary reported on Thursday through the MoneyControl outlet.
Daniel Ives, technical analyst at Wedbush Securities, said Entrepreneur it looks like a good decision on Meta’s part.
“It’s a smart move by Meta to go this route and potentially disrupt the social media landscape with Twitter and Mastodon,” said Ives. “There could also be earning opportunities ahead of this front.”
Since Elon Musk’s Twitter acquisition was accomplished in October, the corporate has laid off scores of employees employees and have experienced six major shutdowns to date this yr, per Guardianincluding this week when hyperlinks and pictures were down on the location.
Within the aftermath of the acquisition, social networks equivalent to Mastodon, which is a social network running on a decentralized “federation” of servers, have received renewed attention.
Related: What’s Mastodon’s “decentralized social network” and why Elon Musk is already crazy about it
In April last yr, following a Musk-approved bid to buy the social networking giant, human rights groups expressed concern concerning the potential for rising hate speech, according to Reuters. Last month’s poll published by Amnesty International USA, GLAAD and the Human Rights Campaign (HRC) said that 60% of surveyed LGBTQ Twitter users said they’d “encountered” increased hate speech since Musk bought the platform. Several white supremacists and accounts crammed with hate speech have been restored to the platform.
Looks like Meta sees a chance.
According to MoneyControl, the project was codenamed P92. Like Mastodon, it might be decentralized but could be branded as a product on Instagram, said people aware of the concept in progress.
Sources told the platformer that this project is headed by Adam Mosseri, who’s in command of Instagram. Meta didn’t immediately respond to a request for comment.