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If the the Signal Foundation gets acquired by Facebook, Singal as we know it will soon die.

Is this likely? No. Is this a single point of failure? Yes.

All the internal federation in the world does not allow me to pack up and move while still chatting with my old contacts.

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Agreed. I was only thinking of technical failures :)

Can foundations even be acquired? If they can, isn't that a bit daft?

Foundations, like companies or any organization, are composed of people. People can and do get replaced, corrupted or bored and move on, they can eventually decide to take the organization in a direction unlike what was originally intended. Takes more time and effort than just throwing a pile of money at the founders and shutting it all down, of course.

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