So do I understand it correctly that they are leaving Twitter, which was founded by Jack Dorsey who then sold it to Elon Musk while creating the alternative Bluesky which everyone is flocking to expecting that it will not be sold to the next billionaire?
Bikini Bottom Twitter
Are ya ready kids?!
I think it was a forced buyout on Musk's part, so Jack Dorsey didn't really have a say in it (beyond listing it on the stock market which... Eh, I guess you could blame him for that). According to wikipedia, he doesn't seem to own any part of it now.
But anyway, it's federated so I guess that should limit the damage done by any shenanigans.
How would that limit anything? If the company changes their mind - like Twitter did with a lot of things, especially the API access - they just change the code and make your instance incompatible.
I mean, you've always got that risk. Even on Mastodon, a big instance can kill smaller ones by defederating with them. Or Mastodon.social could just decide to implement extensions that are hard for other instances to use.