Shares for Snap Inc., the parent company of Snapchat, were down nearly 7% after Facebook announced the launch of "Threads," a new messaging app for Facebook-owned Instagram that looks and feels a lot like Snapchat.
Why it matters: The app could certainly pose a real threat to Snapchat, as it will be made available and likely marketed to all of Instagram's 1 billion+ users around the world.
Details: The description of the new Threads app by Facebook draws an uncanny resemblance to Snapchat.
The big picture: Social media and messaging communication is becoming more private, group-oriented and ephemeral as privacy concerns mount.
Be smart: It's notable that Facebook chose to launch the app amid multiple U.S. antitrust probes into how it may be using its dominance to cripple competitors.
Our thought bubble: The move suggests that Facebook isn't too worried about whether or how launching rival apps and features could be an antitrust problem for now.
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