This is not designed to take down Twitter. Remember Dorsey did NOT sell his shares. He chose to accept Elon’s offer to roll his $1.4 billion in shares over to the new company, so he is on the hook like Musk and other investors (Ellison, Saudi prince, etc)
A freeper opined on an earlier thread that this move will "segregate" the left (Blue Sky) from the center and right (Twitter), with two sets of moderation rules. Sounds like a plan. Wish the U.S. could form a separation agreement and work it out.