They're stupid because the pivot to profitability has failed for many of these companies. We were assured for years they could turn a tap and start the spigot

They're stupid because the pivot to profitability has failed for many of these companies. We were assured for years they could turn a tap and start the spigot of cash flow. Unfortunately that seems to be rare indeed as the very things needed to drive revenues (increasing prices, advertising) drive away those users who were attracted to cheap venture-subsidized products.