Shares of Meta Platforms (NASDAQ: META) were on the rise Wednesday, up as much as 4.2% before settling into a 3.5% gain as of 1:57 p.m. ET.

The move was notable, since all of the major indices were in the red at that time.

Investors appear to be enthusiastic over the prospect of Meta launching a new microblogging rival to Twitter called Threads, which is set to be unveiled on Thursday. While a Twitter competitor might not make a huge difference in Meta's value, with a market cap already at $755 billion, it could make an incrementally positive contribution and also benefit Meta's data-gathering capabilities. 

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Source Fool.com