Among all that Elon Musk is or isn't, one true value brought by him to his companies is attention-and a never-ending craving to be the center of discussion of helping keep his companies in the limelight-for better or for worse.

This week, layoffs aplenty at Tesla, and even reports of compounding failures with its Cybertruck, not to mention a reversal of his public stand against the Brazilian Government at X, and more news of the platform amplifying neo-Nazi content, Musk is once again trying to focus the attention elsewhere.
And clearly, from the piece you're reading, that is having some impact. 
Vine was originally shut down in 2017, with all Vine clips eventually to be deactivated to help curb server costs. But at the very least, the X crew is scouring through the app's code base and how it could be reignited for a new audience.

Musk has floated the idea of bringing back Vine several times since taking over Twitter back in November 2022.

Conceptually, Vine is the precursor to TikTok, and now TikTok is a billion-user platform, so Vine, as the theory has it, could also be massive, if X were to bring it back. But it's also worth remembering that Vine was never as big as you probably remember it to have been (peaking at 200 million users), and that Vine also collapsed because Twitter couldn't work out how to make money from it, and ensure that top Vine creators got paid.

Nor by extension, I'm not convinced that Elon and Co would be able to monetize it that well either, while it also misses out on what's TikTok's secret sauce, being its super-attuned algorithm .

In other words, Vine 2.0 will not be as great as many are hoping for, is probably not going to be overly popular, and is most likely not a great idea.

But again, it helps Elon get even more attention, and divert it as needed.