She told them that they were next. That is not a threat. That is a prediction.

She walked right up to the line, but the reports of her actions do not indicate she crossed it.

“Luigi Mangione allegedly killed your competitor’s CEO over behavior just like this. Keep this up, and some copycat is going to do the same to you.”

That’s not a threat. That is an observation; a prediction. That is protected speech. And that is a perfectly reasonable interpretation of the words she is reported to have spoken.