Re: Is revenue the biggest problem?
His bold mission statement was that he would grow the platform and its revenue.
A 59% loss in advertising suggests he has completely failed to do the former. The draconian cost cutting can only be viewed as a successful move it if doesn't have long term impact on the functioning of the company. So far various features have failed or been removed, the site suffers from reliability problems, and we've not seen any of the "rapid innovation" Musk told us he could deliver with his highly motivated teams and skilled management.
So even the cost cutting can hardly be regarded as a success.
What the investors think is anyone's guess. They might want to prompt an ownership change sooner, before what remaining value is further eroded.
His current antics fighting the gender wars suggest that Musk is completely incapable of avoiding offense, and the slow decline of the rest of the platform suggest he's not the great tech leader we were promised. Given that all of the other companies he purchased came with highly skilled senior management who delivered the actual innovation, this should perhaps not come as a surprise.