Threads: Mark Zuckerberg’s answer to Twitter is here

Meta Platforms Inc (NASDAQ: META) just launched “Threads” – a text-focused conversation app that it hopes will rival Twitter.

Is ‘Threads’ a reason to buy Meta stock?

The new app is now available as a free download on both Google Play and Apple App Store in more than 100 countries.

Meta Platforms expects its text-based messaging app to attract the group of people that is not fully satisfied with Twitter under Elon Musk. Defending her bullish view on the tech stock, Hightower’s Stephanie Link said today on CNBC’s “Closing Bell: Overtime”:

Reels is a $6.0 billion revenue run rate now. Click-to-message a $10 billion revenue run rate. You have huge installed base and now if you do have this new competition to Twitter, that might be something else.

Meta stock has already more than doubled since the start of this year.

Threads is not yet available in the EU

Note that the official launch of “Threads” in Ireland and the EU is unlikely for the foreseeable future.

On Wednesday, people familiar with the matter said Meta Platforms is not making the new app available to the block because of the Digital Markets Act that limits the way that it can utilize user data for advertising. Still, Link said on CNBC:

It has gone from a cost cutting only story to revenue re-acceleration story now. So, I like it. It’s had a nice run, I’ve been trimming but I’ll hold it, it’ll be a core position for sure.

Meta Platforms is expected to report its Q2 earnings on 26^th July. Consensus is for it to earn $2.82 a share versus $2.46 per share a year ago.