[danieltillett]

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

[jrallison]

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

[danieltillett]

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.

[harryjo]

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