1. The possibility that Musk would bid for the company, nonzero before all of this, goes to zero. 2. The market observes a very capable businessman, after di

1. The possibility that Musk would bid for the company, nonzero before all of this, goes to zero. 2. The market observes a very capable businessman, after discussion with management, deems it incompetent and value-destructive. 3. Said businessman, with a track record of remarkable success in a variety of ventures and demonstrated skill with social media, may launch a competitor service. All three of these are bad signals for Twitter's future cash flows.