Twitter was in a shambles BEFORE he bought it. So many fake accounts that they weren't worth their valuation. They lied on purpose to drive the price up on Musk or any potential buyers. That used to be called fraud and came with a prison sentence. Now, no worries if you're fascist and support the surveillance state.
The really good question is why did Musk want to buy it? Did he buy it because it was wasting its potential? Very well may be the reason.
Their reach shrunk because they shut down conservative and moderate users' accounts. Anyone else that didn't parrot the cvd narrative and mandates was shut down as well. Perhaps he thinks he can expand actual membership and drive real advertising revenue through it.
Maybe he needs a company to dump poorly performing assets into, or maybe he needs to show a loss after all of the gains he's gotten elsewhere.
No matter what, twitter was a shell of what they claimed it was and it was nothing more than an echo chamber for the left and for globalism.