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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.

Go deeper:

Go deeper

Updated 7 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.