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He seems to be of the belief that Twitter's issues are bottom line not top line. Hiring would require a major shift in belief.

There is so only firing you can do and attrition you can handle before you have to start replacing staff .

Either he shuts it down at the point or he has to spend a lot of money .

IMO More likely he shuts down and blame any range of external factors were conspiring to take him down rather than accept he decisions were wrong