Twitter (NYSE:TWTR) shares are trading higher after the social media platform announced the launch of Fleets, which is when tweets disappear after 24 hours.
What To Know: Fleets gives users the option to share momentary thoughts, which it says will help start conversations and only stick around for 24 hours.
Twitter says users have shared they felt uncomfortable with permanent tweets because it feels so public, so permanent, and there's so much pressure to rack up retweets and likes.
The main objective for Fleets is to allow people to feel more comfortable by working on a low pressure way for people to talk about what’s happening.
Why It matters: The new function launched by Twitter is very similar to Snap's (NYSE:SNAP) Snapchat, Instagram stories and Facebook's (NASDAQ:FB) Stories, which have been hugely popular with the online influencer community, celebrities keen to share short news stories. The pressure is on to compete.
In October, Twitter reported third-quarter average daily active users were at 187 million, up just about 1 million from the previous quarter and up from 145 million in the same period last year. Analysts polled by FactSet had expected the user count to rise to 196 million.
Price Action: Twitter shares were trading up 0.40% at $42.90 on Tuesday during the time of publication. The stock has a 52-week high of $52.93 and a 52-week low of $20.