Don't do social media but did see the news about it. How is this different from instragram which is also run by FB? Seems most of these sites have become a place to argue with others and post nonsense or conspiracy theories. Can't be bothered with that sort of rubbish. Twitter has become a total dumpster fire so I expect other competitors to come along looking to gain users. I think the key issue for any social media platform is how you moderate the postings so it don't become a free for all. I don't think any of them have an answer for that and likely don't care since the more users they have the more they can charge for ads.
To me all of them are just chat rooms that make most of their money selling ad space.