Following Twitter’s decision to reinstate suspended accounts and provide a paid account verification, which led to scammers impersonating businesses, businesses have reduced their spending.
The new app, code-named P92, would let users log in using their current Instagram credentials, according to MoneyControl.
The foundation of Meta’s software will be comparable to that of Mastodon, a service akin to Twitter that was introduced in 2016.
The new app would be decentralized, meaning it couldn’t be purchased or sold or operated at the whim of one particular corporation.
The timing of Meta’s intentions coincides with Facebook, the company’s largest platform, failing to draw in a younger audience.
It has also made significant investments in the metaverse, a virtual environment where users can socialize and do business but which has not yet materialized.
Instagram, its video-sharing app, is also up against tough competition as popular influencers and content creators switch to TikTok.
When Meta will release the new app was unclear at first.
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Since 2017, the government has paid Data Bank GH159 million for bond advising services.
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