Facebook's parent company Meta working on Twitter competitor reportedly codenamed ‘P92’

Meta Platforms Inc, formerly known as Facebook, is reportedly considering launching a new social media app to rival Twitter. The app, codenamed P92, is based on the framework that powers Mastodon, a Twitter-like service launched in 2016. 

A source close to the development told Moneycontrol that the app is a work in progress.

"We're exploring a standalone decentralised 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 said.

Twitter has been struggling to retain its advertising base since Elon Musk's takeover of the platform late last year. Companies have pulled back on spending following Twitter's move to restore suspended accounts and release a paid account verification that resulted in scammers impersonating firms. Meta's plans to launch a similar app could be an opportunity to take advantage of the current chaos at Twitter.

What is Mastodon?

Mastodon is a social media platform that was launched in 2016 as an alternative to Twitter. It is an open-source, decentralized network that allows users to create their own communities, called "instances," where they can interact with others who share their interests.

One of the key features of Mastodon is that it is not controlled by a single entity or company, unlike Twitter and other centralized social media platforms. This means that users have more control over their data and can choose to interact with communities that align with their values.

Mastodon has gained popularity among users who are looking for a more privacy-focused and community-oriented social media experience. The platform has a unique set of rules and guidelines, including a strict anti-harassment policy, which aims to create a safe space for users to express themselves without fear of abuse or harassment.

Meta in the current social media landscape

Meta's biggest platform, Facebook, has also been facing its own set of challenges, including a struggle to attract a younger audience, while its huge investments in the metaverse have shown little signs of paying off in the near term. Its video-sharing app, Instagram, is also facing stiff competition as content creators and hit influencers move to other platforms like TikTok.

Meta's shares were marginally higher at $181.7 in early trade on Friday, having gained about 51 per cent so far this year.

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