I believe the main point is the assets (about which I agree with you). The PE selloff playbook works when the investor is ruthless enough to both (a) load the

I believe the main point is the assets (about which I agree with you). The PE selloff playbook works when the investor is ruthless enough to both (a) load the company with debt and (b) sell off assets that were previously (they believe) not fully valued into the company's share price, like buildings owned by stores. While Twitter now has significant new debt, it's a small proportion of the purchase price, so there are still tens of billions of dollars that need to be recouped. And Twitter's ONE major asset is its goodwill/entrenchment ... which I'm sure is worth a lot, but which was already priced in to the share price.