A substantial portion (more than half?) of its bleeding is a direct result of Musk's purchase of twitter. The debt he introduced is the bulk of it, but it is compounded by a reduction in advertising revenue.
edit: to make this observation into an actual point: I'm not sure that a situation is a good justification when you're the reason for the situation.
edit: to make this observation into an actual point: I'm not sure that a situation is a good justification when you're the reason for the situation.