"the company looked at the history of social media over the past decade and didn’t like what it saw… existing companies that are only model motivated by profit and just insane user growth, and are willing to tolerate and amplify really toxic content because it looks like engagement… "
What do you mean? I haven't followed the development directly, I've just been a user and so far things seem to be going pretty well. Curious what shortsightedness you are talking about?