According to reports, Meta Platforms Inc., the parent company of Facebook, is developing a new social media app called P92, which will compete with Twitter. The app is said to be based on the Mastodon framework, an open-source and decentralized social media platform that allows users to create their own communities.

A Meta spokesperson confirmed that the company is exploring a standalone decentralized social network for sharing text updates, primarily focused on creators and public figures. Meta's move to launch a Twitter-like app could potentially capitalize on Twitter's ongoing struggles with advertising and user trust issues. Meta's shares were trading marginally higher at $181.7 in early trade on Friday.