San Francisco, March 10: Facebook parent Meta is reportedly building a dedicated Twitter-like social media application for people to post text-based updates.

According to Platformer, citing sources, the project is codenamed "P92", which will let users log in through their existing Instagram credentials. MoneyControl was the first to break this development. Meta To End ‘Reels Play Bonus Programme’ on Instagram and Facebook for Creators in US.

"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," the company was quoted as saying. Instagram head Adam Mosseri is leading the project, said the report.

The product is still in its early stages, and no release date has been set, but legal and regulatory teams have already begun to investigate potential privacy concerns surrounding the app to address them before launch, according to the report.

Moreover, several rival platforms have launched or gained traction in the months since Elon Musk took over Twitter -- among them include Mastodon, Post.news, and T2. Meta Launches New Platform ‘Take It Down’ To Prevent Minors’ Intimate Images Spreading Online.

In December last year, Instagram introduced a new feature called Notes, allowing users to share short posts of up to 60 characters using only text and emojis. Earlier this month, Twitter Co-founder and former CEO Jack Dorsey came back into the social media game, with the launch of his Twitter alternative called "Bluesky", which is available in the Apple App Store in the testing phase.

(The above story first appeared on LatestLY on Mar 10, 2023 03:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).