If they retrain Wall Street to value logged out users, then they will have to accept a much lower valuation as the new norm.<p>Twitter&#x27;s IPO valuation was based on persuading the market that they were another Facebook, i.e. a sticky platform that would extend out to solve problems in varied industries.<p>I agree that their media business is really solid. They acquired TellApart, Mopub, and a bunch of smart ad tech people.<p>The problem is that a solid media business is not what investors were hoping for.  If that&#x27;s Twitter&#x27;s new story then they&#x27;re a well-equipped media&#x2F;ad tech company -- another AOL, Yahoo, or even Criteo.  Those are real companies that generate revenue but they&#x27;re not the sorts of companies able to recruit top-level talent, retain and empower their acquired talent or garner 10x valuations.