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this post was submitted on 27 Jun 2023
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My feeling is they looked at their user numbers, and the specifically those using the API and/or 3rd party apps, and did the calculation to decide that they wouldn't lose enough people to cause a mass migration.
I think whether that calculation was correct or not still remains to be seen.
A distant cause is likely the changes in monetary policy (rate hikes). The tech sector has been structuring their capital as if borrowing would always be cheap, and they were unprepared for a sudden flight toward sustainable cash flow.
I think their only hope for "fuck you money" at this point is to cash out at IPO and watch it burn.