Twitter, in an annual 10-K report filed yesterday, revealed just how much money it has bled over the past decade: two billion dollars. In their report, Twitter bluntly acknowledged the extent of the company’s problems: Since our inception, we have incurred significant operating losses, and, as of December 31, 2015, we had an accumulated deficit of $2.09 billion. Although our revenue has grown rapidly, increasing from $28.3 million in 2010 to $2.22 billion in 2015, we expect that our revenue growth rate will slow in the future as a result of a variety of factors, including the decline in the growth rate of our user base. Twitter has been an unprofitable company since before it went public in 2013, accruing more than $400 million prior to its stock market flotation. That loss-making record has not changed. However, after its IPO, those early losses increasingly look like a drop in the ocean. In 2015 alone, Twitter recorded a loss of $520 million, primarily as a result of stock-based compensation given to employees. Twitter of course prefers to ignore these figures and measure their worth on “adjusted earnings,” which exclude the stock-based rewards noted above along with some other expenses, giving them a net income of $277 million in 2015. Even