This is brewing inside of #Meta. And other reports claimed it would have "ActivityPub" support meaning that in some ways would be "Fediverse-compatible" - who knows?

https://www.socialmediatoday.com/news/metas-twitter-alternative-barcelona-is-taking-shape/648482/

Meta’s Twitter Alternative ‘Barcelona’ is Taking Shape

Meta's looking to provide a Twitter alternative to gather up cast-offs.

Social Media Today

From previous reporting:

"Meta, the parent firm of Facebook and Instagram, is hashing out a plan to build a standalone text-based content app that will support ActivityPub, the decentralised social networking protocol powering Twitter rival Mastodon and other federated apps, people familiar with the matter told Moneycontrol."

Alessandro Paluzzi on Twitter

“#Instagram is working on a new app called "Barcelona" 👀 I wonder if it is the codename for their new text-based social network to compete with #Twitter”

Twitter
@tchambers “How hard could it be?” says the project lead who is already underestimating the scope of the project in classic Meta form.
@tchambers beware history. This is another XMPP EEE attempt
@oblomov @tchambers yeah, Facebook isn't really known for their ethics
@tchambers Facebook Messages were also XMPP-compatible…