They won't fight that is for sure! META the Instagram parent company is copying Twitter. They have recently launched a feature know as Threads few hours back and all of this is just a marketing gimmick to promote this new feature. If you want to how it all started then you need to read the OP. It is all written in their as usual everything associated with technology billionaires is either promoting their projects on their platform or manipulating the markets. We did saw how Elon Musk deliberately manipulated Bitcoin price and a meme coin price using Twitter and later bought it when he relaized the power of social media.
Do they have to resort to gimmickry if they are going to launch something, both technology giants can launch a platform and their users will easily adopt it, just like the first time Mark Zuckerberg launches
Instagram and recently, reels, right now it's still a hot topic and both camps are not backing up but you are right until they sign a contract the fight is still questionable.