%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment %MetaPlatforms ($META ) is preparing to launch a web version of its text-based social media platform %Threads as it races to draw users away from X, the platform formerly known as Twitter. The web version will make Threads more useful to corporations, advertisers, brands, and journalists, and is expected to provide a significant boost to the social media platform. Meta has not provided an exact date for the launch of the web version of Threads, but executives at the company say it is likely to happen soon. Threads, which launched as an Android and iOS app on July 5th of this year, gained 100 million users in its first five days of release. However, the popularity of Threads has since waned as users returned to the more familiar platform X, which recently rebranded from Twitter under new owner Elon Musk. Daily active users on Threads’ Android app have fallen to 10.3 million from a peak of 49.3 million, according to a report by analytics platform Similarweb. As a result, Meta Platforms is launching new features to reinvigorate interest in Threads. The company has recently offered the ability to set post notifications for accounts and view them in a chronological feed. Meta has also introduced an improved search bar that allows users to search for specific posts and not just social media accounts. The Wall Street Journal is reporting that the web version of Threads could launch as early as this week, though the company has not confirmed a date. Meta Platforms’ stock has risen 74% over the last 12 months to trade at $283.25 U.S. per share.