Facebook and Instagram's parent company, Meta, is developing a standalone, text-based social network app.

It might compete with Mastodon, Twitter's decentralized rival. We're investigating a standalone decentralized social network for exchanging text updates, a spokesperson said.

"We think there is a need for a dedicated area where public figures and creators can share timely updates about their interests." Meta could profit from the current chaos at the Elon Musk-led company, where cost-cutting has been rampant, by developing a Twitter-like app. Since Elon Musk took control of the social media platform late last year, Twitter has struggled to maintain its advertising base.

Following Twitter's decision to reinstate suspended accounts and introduce a paid account verification, which led to scammers impersonating businesses, businesses have reduced their spending. The new app, code-named P92, will let users log in using their current Instagram credentials, according to MoneyControl. The foundation of Meta's app will be similar to that of Mastodon, a service similar to Twitter that was introduced in 2016.

The new app would be decentralized, meaning it couldn't be bought or sold or operated at the whim of one particular entity. The timing of Meta's plans coincides with Facebook, the company's largest platform, struggling to draw in a younger audience. It has also made significant investments in the metaverse, a virtual environment where users can interact 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 would release the new app was unclear at first.