So, recently some fediverse admins (mostly Mastodon) and the founder of Mastodon, Eugen Rochko (Gargron), where contacted by Meta/Facebook for an NDA meeting. We know nothing about it, but we're pretty sure that it was about this project92 thing that Meta/Facebook is creating to "compete" with Twitter.
So a lot of Mastodon admins already singed a pact to immediately block any Meta/Facebook activity in the fediverse as soon as it comes up. My Mastodon instance, fosstodon.org hasn't singed that pact and I'm pretty worried.
The following image is an screenshot of Gargron and dansup (creator of Pixelfed) talking about this. These posts were deleted, even from the wayback machine.
Keep in mind XMPP had similar sorts of activity back when chat apps were the rage, and in the end the protocol was added to Google Talk (now dead), AIM (now removed), Facebook (now removed), and Skype (now removed). https://en.wikipedia.org/wiki/XMPP#Non-native_deployments
I suspect existing orgs will want to contribute just as long as it takes to steal users and build a garden, that they can then wall off.
The Silicon Valley way of doing things is "growth at any cost". Of course Meta wants in on what might turn out to be the next big thing. Of course they want to use money and power to dominate the protocol, insert all sorts of monetization, and ruin the whole thing. And when it doesn't work out because they've done the same dumb shit that already ruined Facebook and Reddit the protocol will have been destroyed and rendered useless. Meta goes back to Facebook and Instagram while the entire Fediverse project becomes defunct.
This is the history of these companies. Thankfully "fediverse" is not something Meta can just outright buy and then destroy, but they can still throw their weight around with cash and the enshittification will quickly ensue. The Fediverse needs to resist. It's hard to say no to money, but VC capital is what is destroying the internet. We need to do this differently if we want it to succeed.