Exactly. The current SaaS/social media/bullshit.ly bubble is apparent when you examine these companies. In one ear you hear about how "cloud" makes IT operations cheaper. But then a glorified ad delivery platform like Twitter still burns through cash at alarming rates. The business has no moat -- it's a fad at best -- and I think everyone from Google to Twitter will be stung once the impact of widespread adblocking is fully priced into ad rates.
(My gut tells me a correction in the spyware/ad tracking/clickbait ecosystem/cesspool is overdue. This could be recency bias, though: I helped two of my older relatives install uBlock Origin last week. Google has the brains and balance sheet to weather a correction -- Twitter doesn't. Outside of ads, Twitter's only other source of revenue is "analytics," i.e., selling your data to others. But even if the "adblocking effect" doesn't materialize, Twitter probably couldn't survive a drop in ad spend during a recession. My guess is scarce ad dollars are more productively deployed outside of Twitter; as Warren Buffett says, when the tide rolls out we see who's been swimming naked.)
An enterprise is value-destructive to owners if all the sales, R&D, G&A, etc. never amounts to free cash for profitable reinvestment in the business or disbursement to owners in the form of dividends and/or share buybacks. Add to that continued dilution of shareholders and IMHO you're looking at one poorly-run enterprise.
That being said, if an acquirer can bolt the Twitter service onto its existing sales and ops teams, it can probably generate real free cash. Working at Twitter as a peon seems like standing on thin ice -- an acquirer thinking about turning Twitter into a cash flow engine will probably fire 2/3 of the employees, consolidate data centers, etc.
Root cause analysis: central banks and their terrible monetary policies make money too cheap and easy, which leads to grotesque misallocation of resources, bubbles, and painful implosions. Instead letting the market constantly course correct, we effectively subsidize bullshit for a few years, feel good about it, but then have everything explode catastrophically.