In addition, there is general belt tightening, and ad spends are the first thing to get hit. Going after the smaller ad networks reduces the effort to maintain campaigns; add in that there is a reason to drop Twitter instead of across the board reduction, and I think this is a problem for twitter.

I'd wager that 50% of the dollars that left aren't going to return, if not more.

Advertisers are very sensitive to reputation, and to optics. The optics of what Musk's done with Twitter have already driven most of the major advertisers away.

The idea that Musk can come out of this with a profit is absolutely ludicrous at this point.

Furthermore, one of the things that's frequently named as a concern with Reddit is their volunteer moderation; Twitter very obviously needs paid moderators for a host of reasons, and that's something you can't scale with tech. You need actual human people spending their time and energy actually doing that work, in proportion to the amount of content that's being created. (You need more than Twitter has had, in fact, given how many problems there have been.)

You can, of course, argue that they don't actually need that; that it should be all free speech all the time...but you'll get exactly zero traction with me, and with a very large percentage of the public and Twitter's users.