Meta Platforms’ new app, Threads, has gained over 100 million sign-ups within five days of its launch, surpassing ChatGPT which took two months to achieve this milestone. The launch represents a massive success for Meta as celebrities, politicians, and newsmakers have flocked to Threads, which is a free app linked to Instagram.

However, it remains to be seen how many of these first 100 million Threads users will stick around as keeping and monetizing users is a real challenge. Out of all the many Twitter competitors that have gained attention in the past few months, such as Bluesky, Mastodon, and Post News, Threads is the one that really stands a chance.

Mark Zuckerberg has remarked that this milestone was achieved with just organic demand and that the company has yet to introduce promotions to encourage further downloads and usage of Threads, opening up a potential new revenue stream for Meta Platforms.

Threads’ success can be attributed to its integration with Instagram, which has nearly 2 billion active users, allowing them to sign up using their existing Instagram handles and retain their followers. While Zuckerberg has struggled to convince the public to buy into his metaverse ambition for the past two years, he has found success again by sticking to the basics of Meta’s business: social media.

While Threads is yet to launch in Europe due to regulatory complexities, it has the potential to solidify its position as a strong competitor to Twitter, which reported nearly 238 million monetizable daily active users in its previous quarterly earnings report.

Source: TradingView

After a 76% plunge from its August 2021 peak, Meta’s stock has experienced a significant surge from its November 2022 low, rising 208% in the short span of seven months. The price has been trading in almost a straight-line fashion, recently breaking above its gap resistance of $248.00. This suggests that the gap created in February 2022 is likely to be filled, implying a likely further share price rise to the $317.00 – $328.00 range.

With Meta’s monstrous run this year, investors might be wondering if its worth chasing the stock at such elevated levels. While the stock is overbought and could pull back in the short-term, momentum conditions are constructive and remain firmly in the bull market range, which suggests that further upside is feasible over the medium-term.

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