Let's say they are making $100M revenue on 100M users, so ARPU $1 / user. But half of those users are fake. Their actual ARPU is $2 / user but to the outside wo

Let's say they are making $100M revenue on 100M users, so ARPU $1 / user. But half of those users are fake. Their actual ARPU is $2 / user but to the outside world it doesn't matter, their $100M revenue hasn't changed.