I have no doubt that Big Social is still dismissing the Fediverse, believing that any growth is a result of a "black swan event".
I mean, why else would they do such silly things such as banning 3rd party apps that access their APIs?
The likes of Meta, Twitter, and TikTok believe they "own" the network effect -- that they can shape it to their liking.
The simple fact is that Big Social got conned by their own con.
Case in point: AltspaceVR is being shut down.
Microsoft likely regrets their investment in a Metaverse social network.
It is indeed a "Metaverse winter".
https://altvr.com/sunset/