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They also could have taken loans to reinvest in growth. From buying alien blue, to their api, to backend changes to add new ad offerings and whatever else they sell to companies… They’re all major efforts, and probably include marketing campaigns
If they took loans to grow… Well if you grow explosively it’s a huge win, but if you don’t you’re weighted down moving forward. And investors are going to love it, since they don’t care about breaking even, they care about that one investment that’s going to go 100x or more
My theory? It’s Musk.
He’s going around saying he only lost bots and scammers, that he’s made Twitter profitable, and that advertisers are back and happier than ever
He isn’t showing his numbers and there’s no way his claims are true, but he’s saying what they all want to hear. “Don’t worry guys, you can squeeze your users for cash hard as you want, and they might grumble about it but they’ll soon come crawling back”
There’s also increased pressure to become profitable ASAP, much of it is likely due to the economy, but Musk lying through his teeth is probably getting to the other billionaires. It’s worth mentioning, if you’re a billionaire the only reason to still care about money is for bragging rights