SUMMARY
- Meta's CEO Mark Zuckerberg bounces back amidst controversy with the unexpected success of their new app, Threads.
- The tumultuous management of Twitter under Elon Musk's leadership has inadvertently accelerated the adoption of Threads.
- Despite initial reservations, users flock to Threads, leading to a significant growth spurt reaching 70 million sign-ups in less than two days.
This year began with Mark Zuckerberg, CEO of Meta, under the microscope. The release of internal documents known as the 'Facebook Papers' in late 2021 exposed controversial practices and ignited intense scrutiny from politicians, users, and civil rights organizations. The attempt to rebrand Facebook to Meta and venture into the metaverse met with widespread doubt. Complicating matters further was Apple's privacy modifications significantly challenging Meta's primary ad enterprise.
The gaze of the media and tech enthusiasts soon veered towards Elon Musk. Early last year, Musk publicly chided Twitter, considered joining its board, agreed to acquire it, and then fought a prolonged but unsuccessful battle to wriggle out of the deal. This drama, further fueled by Musk's radical changes post-acquisition, stole the limelight often, inadvertently making rivals like Meta appear more stable and deflecting criticism during their period of workforce reductions and stock market downturns.
This week, Zuckerberg claimed a significant victory riding on the wave of Musk's chaos. After several unsuccessful attempts to win over Twitter's audience, Zuckerberg has now smartly capitalized on Twitter's issues by launching a new app called Threads. Despite Meta's troubled past with privacy breaches and election interference allegations, this Twitter replica has had an extraordinary start. The pandemonium under Musk's Twitter reign since last October, marked by spontaneous remarks, workforce reductions, and drastic policy changes, has directly contributed to the rapid success of Threads.
One could say that Musk's erratic management of Twitter, while off-putting to its users and advertisers, has unintentionally given Zuckerberg a leg-up. As Herbert Hovenkamp, a professor at the University of Pennsylvania’s Carey Law School, remarked, "Musk has done one thing after another to upset his own user base."
It's somewhat ironic that many early adopters of Threads have voiced their surprise at their willingness to join a network managed by a billionaire facing intense criticism, just to escape the clutches of another. One user admitted, "I boycotted Facebook years ago and when I heard about this, I joined immediately." Another confessed to joining Instagram just to gain access to Threads, stating, "Last thing I would have EVER expected was to use any platform of Zuckerberg’s."
By Friday, Zuckerberg announced that Threads had garnered 70 million sign-ups, amassing nearly a third of Twitter's user base in less than two days. This unexpected success could potentially unseat one of Facebook's main rivals and potentially boost Meta's faltering ad business.
WOM Money Picks
Be a part of the winning team | 81% Success Rate.