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It's not hypothetical. Twitter has significant revenue. When revenue is generated from eyeballs (ads), then yes, number of users and engagement is a valuable metric (yet not the only one).

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The problem is Twitter has even more significant expenses. What worries the bond rating agencies is if this will ever change.

Of course. I wasn't challenging the bond rating, just the parent's notion that user engagement isn't a valuable metric for Twitter.

User engagement is not valuable to a bond holder since they see none of the upside. The only thing they care about is can twitter pay on time.

engagement -> ad views -> revenue -> bond payment

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