The FB launched a new communications application to snipe Snapchat, whose share price fell 7%.

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In the morning of October 4th, Facebook announced the launch of Thread on Thursday, which is a communication application for Instagram users, which can be used by iPhone and Android users. This application will be applied to the app store later in the day.
Thread is a camera-focused application that allows Instagram users to share status or send photos and videos quickly to other users added to their buddy list.
“We find that users need to maintain more contact all day in their smaller intimate circle. They want to tell their friends what they are doing and express their feelings through photos and videos.” Facebook said in a blog post. “That’s why we built Thread. It’s a new way for users and close friends to communicate in private spaces.”
The app borrows a variety of elements from Facebook’s competitor Snap, whose “burn after reading” communications application Snapchat focuses on sending photos and videos via private messages. Earlier, The Verge, an American technology blog, took the lead in reporting that Facebook will launch Thread apps in August. After Facebook officially announced the app on Thursday afternoon, U.S. local time, Snap shares fell sharply, dropping up to 7%.
For Facebook, this is not the first time the company has introduced Instagram instant messaging applications that replicate or derive Snapchat functionality.
In 2012, Facebook launched an app called Poke in imitation of Snapchat; then, in 2014, Facebook launched an app called Slingshot, but neither app was very successful. In 2017, Facebook made a similar attempt to launch Instagram Communications Application Direct, which derives from Snapchat, but the company announced in May that it would shut down the application. (Tang Feng)