Meta recently launched Threads, a social media platform similar to Twitter, which quickly gained over 100 million users. It’s clear that change is sweeping through the world of social media, and it’s happening fast. Having spent most of the past decade working at major social media companies, including briefly assisting Elon Musk after his acquisition of Twitter, I have a unique perspective on these recent skirmishes. I work for a firm that invests in social media companies like Substack and Reddit, and our general partner, Marc Andreessen, sits on the board of Meta. The economic domino fell first, as rising interest rates affected social media companies’ financials, forcing them to focus on revenue-generating consumer products and cut costs.

Source: New York Times July 15, 2023 14:55 UTC