If they retrain Wall Street to value logged out users, then they will have to accept a much lower valuation as the new norm. Twitter's IPO valuation was based

If they retrain Wall Street to value logged out users, then they will have to accept a much lower valuation as the new norm. Twitter's IPO valuation was based on persuading the market that they were another Facebook, i.e. a sticky platform that would extend out to solve problems in varied industries. I agree that their media business is really solid. They acquired TellApart, Mopub, and a bunch of smart ad tech people. The problem is that a solid media business is not what investors were hoping for. If that's Twitter's new story then they're a well-equipped media/ad tech company -- another AOL, Yahoo, or even Criteo. Those are real companies that generate revenue but they're not the sorts of companies able to recruit top-level talent, retain and empower their acquired talent or garner 10x valuations.