I doubt that this will happen in the next 5-10 years. Twitter has around 353.90 million MAU according to their metrics. If you take a look at any other microblogging platform, besides facebook, they have about 1-3% of twitter users there.Twitter has been long dead I'm just waiting for a True competitor to take over make fun of discord if you want but it did effectivly kill off skype followed by Zoom for a more "professional" user (read it's the exact same thing but adult feel better about using it)
People dismiss network effect but you can see this everyday. You can take people like LTT, vtubers and other celebrities saying that someone should create an twitter alternative, that twitter will die and the thing is that there's already twitter replacements but because they have so little users, in comparison to twitter, celebrities won't move to there and people who follow the celebrities won't go there too. So it's kind a catch 22.
The only way to twitter to fail is if Elon fuck the platform really hard