To be fair, I don't know if Twitter is overspending on infrastructure, but I would guess there are always places to streamline. You could frankly save a ton of money by re-negotiating commits with Google.
Also, $1B to me shows how insane running a large business in the cloud can be. This is sort of where Facebook/Meta got it right, IMHO - run infrastructure on-prem, at scale, in a super-efficient "everything fails" sort of way.