I don't get it, I really don't. I like to think of myself as being fairly clued-up when it comes to business, especially in the online space. It's what I've done with my life for the past twenty years. Sometimes I don't necessarily agree that a business (including my own) is doing the best thing, but I can see what they're trying to do.
In the case of X/Twitter, I just can't see what the plan is. Profit, yes. But how? They will sell some premium plans, regardless of price and features. There will always be some people who love the platform enough to spend their money on, what I think, is folly. But how do you recoup $44B and then turn a profit from a relatively small number of hardcore fans?
Many businesses won't spend big money to have a presence on the platform when they can simply add public interactivity to their own app or simply buy advertising. In many ways it's not dissimilar to what's happening at Reddit. The userbase is being partially driven away by the service migrating to an increasingly closed platform. A closed platform allows the service to monetise. But when that service relies on user-generated content, it's an incredibly difficult, if not impossible, balance to achieve.
With all that said, Elon Musk has a track record. From the outside, despite it's problems, Tesla is relatively successful. PayPal is huge and SpaceX seems to be doing well. And I know all of his companies have had their problems. PayPal arguably wasn't successful until he was fired. Musk seems to have incredible resilience. While he's clearly as mad as a box of frogs, he's successful businessperson who has insight that I, and many others, don't. Essentially, while X looks like a dumpster fire, you just can't rule out someone like Musk turning it around despite all evidence to the contrary.