It'll be quite interesting to see what happens here. I think if Twitter makes it past the initial phase of shock it'll be fine. But network effects do work in reverse, so if enough people quit it'll snowball, because once the people you follow leave you'll leave too.
But if they can stave that off cutting a huge amount of expenses is probably what Twitter needed. They were bloated expense wise on basically every reasonable metric, so if they stay alive they'll be much healthier.
I think the layoffs are like open heart surgery - if the patient survives they'll probably be healthier/live longer, but surviving the procedure isn't guaranteed.
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