Why Instagram and Meta are building the next Twitter

After the chaos that the social media platform has had under Elon Musk, Facebook and Instagram parent Meta Platforms Inc. have discussed how to build the next Twitter.

What Happened: Last month, Meta employees took a virtual brainstorming session to discuss ideas for building a Twitter rival, according to The New York Times.

One Meta employee wrote a post saying that Twitter is in crisis and Meta needs its mojo back. There were many ideas floating around the session, including the rollout of Instagram's new Notes feature, creating a text-focused app using Instagram's technology and adding a new Twitter-like feed to Instagram. They suggested names for the features as Realtime, Real Reels and Instant.

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Why is it important to know that a race is going to dethrone Twitter and capitalize on the chaos of its new regime under Musk, who acquired the microblogging site in October for $44 billion, according to the report.

Several of the new features, policies and plans have been introduced, some of which are yet to sit well with netizens since Musk started his Twitter CEO journey.

In November, Musk laid off many employees from the company. Musk's new content moderation approach has raised concerns. Oreo cookie company Mondelez International Inc. pulled ads from the platform, saying that Musk's takeover caused hate speech to increase.