Is Meta, the parent firm of Facebook and Instagram, really working on a text-based social network app?

That's what the speculation is saying. News broke over the weekend that Mark Zuckerburg's firm is building something a lot like Twitter.

"We're exploring a standalone decentralized social network for sharing text updates. We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests," a Meta spokesperson told Reuters in an emailed statement.

Obviously, such a move would take advantage of the alleged chaos at Twitter, since Elon Musk took over. Although in reality, this chaos might have been exaggerated by those who disagree with Musk on political grounds.

According to the rumours, the new app is codenamed P92, and will allow users to access it through their existing Instagram log ins. It will run on a decentralised structure meaning it cannot be bought, sold or controlled by a single owner.

If true, it's another bold punt by Meta, which has endured a tough few years. Facebook and Instagram are losing out to TikTok, Oculus is struggling to break out of its gaming niche and the metaverse concept is swallowing money for negligible return. Other audacious ventures, such as the Diem/Libra stablecoin, also failed to fulfil their promise.