Earlier quoted context omitted.
Too late IMO. Twitter the incumbent, Threads just popped up out of nowhere with a whole heap of users. People switch when other people switch, generally. Those tired of Twitter now have an easy place to call home, there's not going to be any momentum to then want to switch again. Mastodon tried, and did get some following, but IMO is too complicated in concept for the common user. Bsky on the other hand just blew it.
Threads is federating with Mastodon, which is good for both of them.
It was recently discussed here at HN: https://news.ycombinator.com/item?id=36456233
TL;DR: it might be the 'Embrace, Extend, Extinguish' strategy.