Instagram Threads now has one-fifth the weekly active user base of Twitter https://tcrn.ch/44sZoYH
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Well it makes sense since Mastodon is a piece of software, not a service, arguably operated by many different service providers, and there's no solid way of accurately counting all of its weekly active users.
I'd say folks on the Fediverse aren't challenging Twitter. They're in something of a different industry.
@volkris @Sarahp well @Gargron does post active user counts now and then. It’s true the metric is never 100% reliable, but some reasonable guesses can be made based on available data. I do feel there is overlap with #Twitter though. A lot of people moved here from Twitter and this place is beginning to play a similar role.