Facebook is working on a new private messaging app: report

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Facebook Inc. is developing a new private messaging app for Instagram, called Threads, with Snapchat-like features so consumers can share their location and other details, according to a report by The Verge on Tuesday. Facebook did not immediately respond for comment on the report. The app would be one of the first offshoots of a planned private-messaging platform that CEO Mark Zuckerberg outlined this year. A private version of Messenger, the topic of more than a dozen sessions at Facebook’s developer conference, clearly is being positioned as a cornerstone of “the new modern social network” as it becomes more interoperable with services like Instagram and WhatsApp.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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