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Meta’s Threads Surpasses 100 Million Users in Just Five Days, Driving Stock Higher

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Meta Platforms, formerly known as Facebook, experienced a significant surge in its stock price as its new social media platform, Threads, attracted over 100 million users within a mere five days of its launch. The impressive growth rate of Threads, often likened to Twitter, has caught the attention of investors and industry observers alike.

CEO Mark Zuckerberg shared the exciting news on Monday, stating that the impressive number of sign-ups was primarily driven by organic demand, without the need for extensive promotional efforts. Meta has yet to fully unleash the platform’s promotional potential, hinting at further growth opportunities.

According to data from Quiver Quantitative published on Monday, Threads achieved the 100 million milestone, making it one of the fastest-growing apps of its kind. In comparison, it took OpenAI’s ChatGPT, supported in part by Microsoft, nearly two months to reach the same milestone.

The market responded positively to this news, with Meta’s stock rising by 1% in early Monday trading, while the Nasdaq experienced a minor decline of 0.21%. Meta shares were valued at $293.24 each, reflecting the enthusiasm surrounding Threads’ success.

Despite the rapid user growth and the attention it has garnered, Threads is not expected to have an immediate impact on Meta’s revenue. However, KeyBanc Capital Markets analyst Justine Patterson estimates that Threads, which already accounts for approximately one-third of Twitter’s active user base, could contribute between $800 million and $6.7 billion to Meta’s overall revenue in 2024.

Regulatory challenges have arisen for Meta in the form of the European Digital Markets Act rules, preventing Threads’ launch in the European Union. Given Meta’s recent legal setbacks involving the handling of user data for targeted advertising, the company is unlikely to challenge this restriction.

CFRA senior equity analyst Angelo Zino believes that despite the exclusion from the EU initially, the growth of Threads is expected to be exponential in the coming months. Zino maintains a positive outlook on Meta’s stock, holding a ‘buy’ rating with a $350 price target.

The launch of Threads followed controversial changes made to the Twitter platform, including limitations on the number of tweets users can see daily. These changes were implemented by Elon Musk, Twitter’s controlling owner, in an effort to combat data scraping and system manipulation on the microblogging website.

New Twitter CEO Linda Yaccarino, who joined the company from NBCUniversal, expressed the need for significant changes to strengthen the platform. Meta, on the other hand, has capitalized on its vast user base of 3 billion across platforms like Facebook, Instagram, and WhatsApp to fuel the growth of Threads.

In conclusion, Meta’s Threads has made an impressive debut, attracting over 100 million users within a short span of five days. The success of Threads, coupled with Meta’s existing user base, holds promise for the social media giant, although immediate revenue impact is not expected. Investors and analysts remain optimistic about the platform’s growth potential and its ability to diversify Meta’s revenue streams.

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NEWS

Prophet Jeremiah Fufeyin’s Generous Act: Donates Over 30 Million Naira to Help Alleviate Soaring Food Prices in Nigeria (Watch Video)

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Billionaire prophet and General Overseer of Christ Mercyland Deliverance Ministry in Warri, Delta State, Prophet Jeremiah Fufeyin, has given out over N30 million in charity to reduce the current economic crisis faced by the masses.

In a viral video on social media, Fufeyin, known for his philanthropic gestures, was seen giving out wads of cash to church members to ameliorate the rising price of food items in the country.

The humanitarian effort has caught the attention of netizens, capturing the hearts of many amid the current challenging times.

Fufeyin has emerged as a beacon of hope by extending a remarkable gesture of kindness towards struggling church members even as he stressed the need for well-meaning Nigerians to help assuage the challenges of the masses.

This spontaneous and substantial donation not only alleviated immediate concerns but also underscored Fufeyin’s deep empathy for those affected by economic hardship.

The response to Fufeyin’s act of benevolence has been overwhelmingly positive, with Nigerians taking to social media platforms to commend his compassion and selflessness. Amidst a climate of economic uncertainty and rising living costs, Fufeyin’s initiative has resonated deeply, sparking discussions about the importance of generosity and communal support during trying times.

Fufeyin expressed his motivation for the donation, citing a desire to alleviate the suffering of his church members and fellow Nigerians in tangible ways.

He emphasised the necessity of collective action in addressing societal challenges and urged others, particularly those in positions of influence, to contribute towards uplifting the less fortunate.

The impact of Fufeyin’s philanthropy extends beyond financial assistance, serving as a powerful reminder of the potential for positive change when individuals leverage their resources for the greater good of all.

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Entertainment

Big Dreams, is set to release his debut Single’s , ‘Vanity & Painful On January 26th

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Delta State Born Singer, Big Dreams, is set to release his debut album,My Way ‘,’Coming Soon.

With they announcement of his two singles which are set to be released on 26 January 2024.

In the digital era of Afrobeats, the music superstar, Big Dreams, has established a name for himself thanks to a succession of great singles and collaborations.

They man of they moment has done great works, therefore this album will set a pathway to Greatness.

The musician made this announcement via his Twitter account. He characterized the album as everything he desires and all he stands for.

 

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Legendary singer, Kathy Brown diagnosed with stage four lung cancer

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Legendary house music singer, Kathy Brown has been diagnosed with stage four lung cancer with the disease spreading to her brain.

The American singer, 63, known for songs including Turn Me Out (Turn to Sugar) and Strings of Life (Stronger on My Own) was diagnosed late last year after being admitted to ICU in her hometown of Charleston, South Carolina.

Doctors performed surgery to try and reduce swelling in Brown’s brain – with the star currently undergoing a course of radiotherapy and immunotherapy.

Kathy’s daughter Chanta Joyner has set up a GoFundMe to fund medical expenses and monthly bills for the family.

Chanta wrote: ‘As the news is only just sinking in we are already facing the harsh reality of what this means for my mother – not only the physical and medical challenges but also the many financial ones.

‘Like most artists who have devoted their careers to dance music, without being able to perform LIVE there’s little to no chance of earning an income. My mother has poured her heart and soul onto stages and dance floors all over the world for more than thirty years, and now she needs your love and support more than ever.

‘My siblings and I are going to do everything we can to take care of her, but the costs we are facing with medical expenses and monthly bills are overwhelming.

‘My mom deserves the best care and comfort that money can buy. I know that she has thousands of fans all over the world who adore her voice and her beautiful spirit.

‘Please consider contributing to assist Kathy and get her through the weeks and months ahead. The London-based record label ‘Revival’ that she has recently been working with has offered to match contributions up to $10,000.

‘Let’s show my mom that the dance music community really is an extended family who keep each other lifted not only in the good times but the hard times too. Thank you for the love, support and many messages that you have been posting and sending to Kathy. I promise you that she sees every single one, and they mean so very much to her.

Brown originally found fame as the chart-topping lead singer of the group Praxis before having US dance hits on her own.

In 1999 she climbed to #4 on the Hot Dance Music/Club Play chart with Joy and in 2004 was the credited lead vocalist on the British act Soul Central’s Strings Of Life (Stronger On My Own), a track that samples Rhythm Is Rhythm’s 1989 House classic.

Over the years she featured on dozens of house and club singles.

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