The major threat to Twitter right now is twofold: that (1) the mild user downturn it’s been experiencing since 2020 turns into a full-on death spiral, and (2) other social networks step in and pull a TikTok by gobbling up Twitter’s users. Both of these things could probably be averted by smart new leadership. Neither of these things is helped by loading the company up with debt and moving into layoff/cash extraction mode to service it.