Meta Platforms Inc.Threads Could Invite Lawsuits

Meta Platforms rallied around 125.27% in the last six months and gained nearly 223.5% over the past 52 weeks. The company’s Threads app launched on July 5, 2023, & the platform already has 30 Million users. Twitter surpassed a 10 Million user base count in two years. Twitter owner Elon Musk might sue Meta for its newest release, arguing it stole the trade secret by employing Twitter ex-employees.

META has been performing well; its price rallied around 136.55% YTD. This momentum can be attributed to the buzz surrounding artificial intelligence. This frenzy caused tech stocks to skyrocket, and Nvidia Corp. (NASDAQ: NVDA) saw its market cap reach $1 Trillion for some time.

The company also reduced operating costs and reduced its investment in the metaverse. Meta also strategically dealt with market competition like TikTok. Many established companies use ‘threads’ in their names. For instance, Cynthia Zordich, the wife of retired NFL player Michael Zordich launched her Thread platform in 2016 to include women in sports. Legal experts hint that one of them might soon file a trademark-infringement case against them.

In June 2023, there were speculations that the META Stock would stabilize around $300. Now, at press time, NASDAQ: META is trading at $290.53 with a slight drop of 0.50%. Previous close and open were at $291.99 and $292.18, respectively. The 52-week range is from $88.09 to $298.12. If all are in favor, the price might soon make a new high.