I believe people is overreacting a bit. I hardly believe that they are going to have something at least similar like the ol' Tumblr purge.
Musk plans to remove certain restrains from Twitter, which I believe is what applies to your racist, xenophobic, Trump-Supporter-kinda-like-user and some people don't actually fear that their accounts or their data is going to be erased totally, but I believe that what scares them is that Twitter is going to become even more of a battlefield, after all is not that death treats, harassment, scams, witch hunts, controvertial debates or fights aren't already happening, but it can become worse, sure.
Still, if I see Twitter Art accounts coming back to Tumblr after Elon's purchase then I just gotta put the sign you know, after all, I'm one of the few clowns that never left the Supernatural/Hell site

Gotta say, this seems like an overreaction to me because, it's not like Twitter is the one and only social media that there is. We have Facebook, Instagram, Reddit, Discord Servers, LinkedIn, Amino, Tumblr, Youtube, TikTok, Twitch, Picarto, Pixiv and several other platforms to communicate and promote our work even if some are less popular than others, including the Tapas Forum, our dashboards here or in Webtoon.