The inability to change with the times has led to the demise of so many social networks in the past. Twitter on the other hand seems suicidal due to the actions of its present owner. The only other company that managed to seppaku its efforts so well was Google with Google+.
The fact that the service still has so many users despite this shit-show just proves what a unique place it is. Even though there are other micro-blogging platforms such as Mastodan, the network effect is tough to shake-off.
All that said, if Musk continues his reckless rampage he just might succeed and manage to kill it despite the network effect. The only question is if the site will continue to operate long enough for people to lose interest in it.