Facebook

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.

  • Facebook calls it a "camera-first messaging app that helps you stay connected to your close friends." This is nearly identical to how Snapchat describes its main app and core functionality.

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.

  • Just last week, the Wall Street Journal reported that Snapchat's legal team has been documenting Facebook's anti-competitive tactics for years in a file dubbed "Project Voldemort."

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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Ina Fried, author of Login
21 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

Meadows on Wray's voter fraud dismissal: "He has a hard time finding emails in his own FBI"

White House chief of staff Mark Meadows dismissed FBI Director Chris Wray's testimony that the U.S. has never historically seen evidence of widespread voter fraud, including by mail, during an appearance on "CBS This Morning" on Friday.

Why it matters: Meadows' statement highlights the Trump administration's strategy to sow doubt in November's election results by challenging the legitimacy of mail-in ballots, which are expected to skew heavily in Democrats' favor.

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