Jim Cramer, a renowned TV personality and ex-hedge fund manager, has earned a reputation for his fearless forecasts on stock and cryptocurrency prices. While his predictions have often hit the mark, there are instances where the investor completely missed the mark.
And it appears he has done it again. Last month, Cramer said Mark Zuckerberg “killed Twitter” after Meta Platforms (NASDAQ: META) unveiled a new app called Threads – a text-based conversation application launched as a direct Twitter competitor.
Google search interest for ‘Threads’ close to 0
At first, Cramer’s comments were not far from the truth, given that Threads saw more than 100 million sign-ups in just 5 days, becoming one of the fastest-growing apps ever at the time.
However, the hype around Threads appears to have been short-lived, with the new platform suffering a rapid decline in interest not long after launch.
According to Google Trends data, search interest for ‘Threads’ is currently trending close to 0 after surging above 90 last month following the app’s debut.
Meanwhile, search interest for ‘Twitter’ on Google has remained consistently high over that period. At the moment, it stands at 76, compared to Thread’s 2.
Threads’ rise and fall
Within two hours of its launch, Threads witnessed 2 million downloads. The Twitter competitor became the fastest-growing app after attracting over 100 million user registrations in just 5 days. For comparison, it took Twitter 17 years to hit 368 million active users.
However, the surge of interest in Thread was as rapid as its subsequent decline. Notably, Threads lost over half of its 100 million users just 10 days after the launch.
One of the factors that have likely contributed to this drop in interest is Thread’s nearly non-existent marketing efforts. Apart from Meta’s generic press release, the social media giant hasn’t done much to promote the launch of its latest app.
Meanwhile, Twitter recently rebranded to X.com. The shift was broadly promoted across social media platforms, with the company’s owner Elon Musk leaving the greatest impact.
Musk, who has more than $152 million followers on Twitter, announced the death of Twitter’s iconic blue bird logo and even changed his profile picture to the company’s new X logo.