How much would it take to replace it? Considerably less than $10 billion. From that perspective, the largest component of its value is good will. (Its users

How much would it take to replace it? Considerably less than $10 billion. From that perspective, the largest component of its value is good will. (Its users continue to use it.) In a world where setting up a new account is 5 minutes' work, spinning up and effectively connecting new servers is challenging but increasingly a commodity service, and where a relatively loose and dynamic social dynamic of "following" is the model... (And where advertising is significantly externalized and transferable.) I'm no analyst nor expert, and I don't particularly wish Twitter ill, but... I still view such valuations as short-term metrics. They may not be... but I don't think this has yet been demonstrated.