Yes people will not use a service because a billionaire owns it. But nobody is using a service simply because a billionaire owns it. People might choose bluesky over mastadon because the owner created twitter originally. But nobody is choosing it because Jack Dorsey has a fuck ton of money.

I get what you are saying but my point is I actually think subconsciously (and sometimes even consciously) this is how people think. The collective organism of (at least US) society desperately wants a businessman (especially a techy one) to tell us what the future of social media is. People aren't actually able to comprehend NOT needing a tech businessman to own their social media in a lot of ways. It is weird, but it is really just a natural consequence of how utterly obsessed US culture is with seeing all of society through capitalism and rugged individualism.