Twitter was doing fine financially, they were consistently floating around break even and they had lots of opportunities to move into profitability if their financial situation became tenuous. As far as technology companies go, they weren’t anything to write home about, they weren’t printing money the way Google does, but they were doing fine.
Twitter doesn’t need to make constant product changes, as is evidenced by their ability to continue to support hundreds of millions of users and consistently generate billions of dollars of revenue: they’re valuable as-is. The Muskian narrative that Twitter needs better programmers who churn out more features is just not true.
I very much agree that Jack was half-assing management of the company but the consequence was that Twitter was falling far short of its potential, not that Twitter was struggling. If your argument is that the lack of profitability makes Twitter vulnerable to activist investors, then, well, you’re about a decade behind on market sentiment. Nobody cares about profitability any more: if the company can sustain itself, which Twitter could, then stock price is all that matters.