Perhaps it would have been a successful step if Elon Musk had taken it before making the decision to complete the Twitter purchase.  I mean that he launches his own platform, so he does not need to buy Twitter, which I expect to be successful due to Musk's popularity.  But he chose to invest in a bankrupt platform without taking into account the strong competition with other platforms such as Meta. 
On the other hand, I do not expect that the new "thread" application will make a major change in the social media market. All that matters is that Meta expands its profits and wants to benefit more from its users.