If the competitors developed a highly wanted feature before you, either you were already in the process of developing it, can do so quickly (and let's say it's not patented or other legal issues), or if not, it's better IMHO to spend time to do it better then your competitor, or to come up with some even more compelling feature, to regain the lead. Of course, they'll try to do the same and so on.
So, more like:
CEO: competitor X just released Y, how can we make something better to get ahead? how quickly can we get that?
CTO: hold my beer
(actual dialogue irl might be a bit different 😄)
Signal is better for privacy than whatsapp, and of course whatsapp is owned by meta and it leaks some ... metadata to them (pun intended), but as for their end to end encryption, it actually uses the same exact scheme as signal, so even if you're forced to use it, it's still not that bad. Way better than telegram, for example (avoid telegram).
Using Signal or other secure messaging apps should be normalized, not reserved for people who are at risk, else the simple fact that you use it raises suspicions. Not sure if this argument is enough to convince your friends ... maybe just tell them you like it better due to some feature it has?