Musk has been very upfront that Twitter is bleeding money (hence why he is firing so many people), it's not simply that a healthy profit margin is being reinvested.
That means that Elon Musk's Twitter Buyout costs $1.3 Billion/year _ON TOP_ of all the other costs of Twitter.
If Twitter was "barely profitable" in 2021, they're now $Billion+ short / year. That has nothing to do with "old Twitter" decisions, and 100% to do with how Elon Musk structured the buyout.
Presumably, you're supposed to assume that Musk knows what he's doing and that he has a plan to make $1.3 Billion in profits (to break even on the loan) and then go beyond (to make profit on his $44 Billion investment). But... I'm honestly not seeing it.
The downturn in early 2022 hit them badly. They were losing money again when Elon bought them (one of the reasons he tried to pull out of the deal)
Admittedly the way he structured his buy out made it worse by adding more debt.
Twitter has only made a profit in 2 out of the last 11 years
https://www.wolframalpha.com/input?i=twitter+profits+per+yea...