This week in tech: Meta's meteoric Threads launch; Rivian's auspicious week
By Louis Juricic and Sarina Isaacs
Investing.com — Here is your weekly Pro Recap on the biggest headlines out of tech this week: Meta's massive Threads launch (and Twitter's lawsuit warning); a boost for Alibaba ; and radiant headlines for Rivian.
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Meta Platforms (NASDAQ:META) CEO Mark Zuckerberg said on Friday that its new Threads app — which some are calling the «Twitter killer» — had already amassed 70 million signups after its Wednesday-night launch, thanks in large part to its tremendous Instagram user base.
A day earlier, Twitter responded to the launch by threatening to sue Meta, according to a letter sent by Twitter attorney Alex Spiro that Semafor obtained.
The letter accuses Meta of attempting to create a «copycat» app by unlawfully poaching numerous ex-Twitter employees, then tasking these employees with developing the Threads app with the intention of utilizing Twitter's trade secrets and intellectual property in order to expedite the app's creation. The letter demands that Meta immediately cease use of that information.
Meta, via its communications director Andy Stone, posted on the new app that no one on the Threads team is a former Twitter employee.
Elon Musk tweeted, “competition is fine, cheating is not.”
Bank of America analysts said that Meta has a history of successfully replicating competitor apps without serious legal challenges, adding:
Until further facts surrounding the claim emerge or further steps are taken by either party, we anticipate that the current threat of legal action will have limited immediate impact on the ramp of the app. However, if Threads was to grow to a size similar to,
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