Social media besides FB and Tiktok are largely unprofitable. Twitter was no exception, but it was unique in that it had close to no debt and so could get financing fairly easily. With the acquisition, Musk added $13bn to Twitter's debt, and tanked their revenue by chasing off advertisers. Besides the ads for Starlink and SpaceX, every other advertiser on Twitter looks like a Wish.com-caliber brand.

If they were struggling before, they're circling the drain now.