A new platform, touted to be called "Threads", that's probably going to be very twitter like but on the fediverse. I think all instagram accounts will automatically or easily have a "Threads" account, so it's probably being positioned as a text/twitter extension of instagram.

Not only is it coming, but probably in the next month or two. And it seems that they want to federate with mastodon instances and the fediverse at large. For example, one large mastodon instance admin has already revealed that they've spoken to reps from meta.

As far as business motivations, Meta and Zuck are competitors with Twitter, and this is a good opportunity for them to go for Twitter's throat, while also using us (fediverse) as a weapon against BlueSky. Additionally, there may be some legal benefits to any anti-trust claims if they're operating on an open protocol, despite potentially dominating it with the huge instagram membership/