[DeathArrow]

>conning an idiot into paying way above market value for it.

That idiot, how you call him, bought the user base and the market position of Twitter. Either he has a plan to make it profitable or he doesn't care, as long as he doesn't loose too much money.

[Analemma_]

The fact that he immediately tried to back out of the deal, to the point of going to court about it, suggests to me your version of events is not correct and the "idiot got conned" interpretation is much closer to the truth.