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Yes, users from multiple devices and accounts can edit a story at the same time. First open your story and click on 'Share' located below the banner to the right.

On the 'Invite' tab, you can then add the names or emails of students. You can also invite a tag you may have set up on your students page.

Only the creator of the story can add contributors.

You can add as many contributors as you like to a story.

You can also set the story settings so that anyone with the link can edit: