It's also not just a question of user numbers, but also the demographics. Twitter never had huge overall numbers compared to other social media companies, but its users tend to skew heavily towards the higher educated and richer demographic.
Most social media companies have relatively flat income demographics among their user base. So the % of people that earn under $30K that use a platform like Facebook is pretty similar of the % of people earning over $100K who use it. But Twitter's share among higher income ($75K+) users is about double what it is among the low-income population which makes it more attractive for advertisers (obviously companies want to target people with more money).
But if Twitter does things that tend to alienate the higher earning and higher educated demographic just to get a bunch of rubes on there, then that's going to change the calculus for advertisers significantly.
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