Why not? It worked when they copied Snapchat's stories feature.
I'm wondering what kind of play would be successful long-term in this scenario with long-lasting social platform to capture next generation which is naturally inclined to be in opposition when it comes to parents way of life. Maybe creating some kind of "undercover" division not officially connected to parent company? Or even spinning it as some part of company "revolting" against main body and going "rogue". But in both cases mainly founding would uncover the plot. Of course buying competitors usually works too to some degree - or at least allows to buy some time.
They lost the next generation of kids!
If the youth are allergic to any FB networks there just needs to be a viable alternative for them to flee.
One is declining and reviled, and the other is growing and seen as fun.
That’s the only difference.