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Meta shares soar to 18-month high
Rivalry of two titans
Text app linked to the popular photo sharing platform Instagram is called Threads. It features strong parallels with its competitor Twitter, and provides users with options such as 'liking', posting, sharing or reposting content. Additionally, Threads allows its users to keep their Instagram usernames. Elon Musk, the owner of the Twitter platform counters by presenting a series of features to increase the company's revenue with.
Overview of Meta Platforms share value
When the company announced it had signed up 100 million users on Wednesday morning, July 5, shares of Meta rose nearly 4% to $295.29, marking the social media giant's highest price per share since the end of January 2022 [1].
Meta Platforms share progress over a 5-year period (Resource: Google Finance)*
The increase in the share price comes after financial problems and subsequent decrease in stock value in the beginning of 2022. The optimism associated with the new Threads service can be expected to continue, and if Meta Platforms manage to live up to expectations as well as the advice of users, the optimism may reflect positively on the company's share price. [2]
Threads as the next platform in line
Meta Platforms, Inc., formerly called Facebook, is an American multinational technology conglomerate headquartered in Menlo Park, California. The company owns and operates, among other products and services, social platforms Facebook, Instagram, WhatsApp, and of course, most recently, the above-mentioned Threads.
Adam Austera, Chief Analyst at Ozios
* Past results are no guarantee of future results.
[1] https://finance.yahoo.com/quote/META/options?strike=295&straddle=true
[2] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment, which may change. Such statements are not guarantees of future performance. They involve risks and other uncertainties that are difficult to predict. Results may differ materially from those expressed or implied by any forward-looking statements.