These are the privacy permissions that you grant for Meta's new twitter competitor

1. All your friends are there already
2. We don't rate limit you like twitter

Sadly, that's likely all they need at the moment

I've read comments saying that people flee facebook to instagram already in last 4 years as it become ridden with unrelated content and features nobody wants (obviously). People want to mainly share their photos so they went for instagram as it seem to fit their needs and perhaps meta tries to capture the audience there with their new shiny thing. The fact that musk is successfully killing off twitter might also affect their decision to bring this "killer app" up - they want to reach those who have twitter, who tend to get news from there (not mention fb also tries to be a news provider). It's all about trapping people within meta walled garden.

Years have pass by and zuckerberg still tries to be an answer to all activity on the Internet with this ad and tracking ridden freak show - nothing new happens here, I'd say.