The only reason revenue, users, scale, investor love, patents, staff, infrastructure, etc. matter is that they usually are indicators of potential for profit. Profit is the entire point of investing in a company.

But the greater indicator of potential for profit here is that Twitter has existed for 10 years and has never turned a profit.

Given this, I think that revenue, users, scale, investor love, patents, staff, infrastructure, etc. have all become disconnected from Twitter's actual profit potential. They haven't made a profit, they aren't going to make a profit. I think that the only logical choice is to dismiss the idea that Twitter has value.

But, as I noted, perceived value can be as profitable as real value for an investor. Just don't be naive and mistake the perceived value for real value--naivety will lose you money.