Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.
FACEBOOK STILL ADVANCING LIBRA: On October 15, Business Insider reported that Facebook (FB) took measures to advance its cryptocurrency Libra on Monday, amid announcements that "a quarter of the companies who initially backed Libra had dropped out, including Visa (V), Mastercard (MA), and Stripe."
TWITTER CLARIFIES RULES ENFORCEMENT FOR WORLD LEADERS: On October 16, Twitter (TWTR) said in a blog post: "There continues to be meaningful public conversation about how we think about Tweets from world leaders on our service. We welcome the conversation and want to share more context on our principles and process for reviewing reported Tweets from these accounts. When it comes to the actions of world leaders on Twitter, we recognize that this is largely new ground and unprecedented. We assess reported Tweets from world leaders against the Twitter Rules, which are designed to ensure people can participate in the public conversation freely and safely. We focus on the language of reported Tweets and do not attempt to determine all potential interpretations of the content or its intent. Presently, direct interactions with fellow public figures, comments on political issues of the day, or foreign policy saber-rattling on economic or military issues are generally not in violation of the Twitter Rules. However, if a Tweet from a world leader does violate the Twitter Rules but there is a clear public interest value to keeping the Tweet on the service, we may place it behind a notice that provides context about the violation and allows people to click through should they wish to see the content. he below areas will result in enforcement action for any account on our service (without consideration of the potential public interest value in allowing the Tweet to remain visible behind a notice): Promotion of terrorism; Clear and direct threats of violence against an individual (context matters: as noted above, direct interactions with fellow public figures and/or commentary on political and foreign policy issues would likely not result in enforcement); Posting private information, such as a home address or non-public personal phone number; Posting or sharing intimate photos or videos of someone that were produced or distributed without their consent; Engaging in behaviors relating to child sexual exploitation; and Encouraging or promoting self-harm."
INSTAGRAM’S THREADS OFF TO SLOW START: On October 10, Business Insider’s Paige Leskin reported that Instagram's latest standalone app for instant chatting and photo-sharing, Threads, appears to be off to a slow start a week after its launch, according to data from app analytics provider Apptopia. The supposed competitor to Snapchat (SNAP) is estimated to have been downloaded by only 220,000 people across both iOS and Android devices, which is "significantly less than 0.1% of Instagram's total number of monthly active users," said Leskin.
Keywords: Libra, Cryptocurrency, Instagram, Threads, Snapchat, rules for world leaders, tweets