Elon Musk is treating Twitter like a startup. The thing about startups is, most of them fail.
At Twitter, as is typical at tech startups, Mr. Musk is making or has promised to make a great many changes quickly. This makes a lot of sense when a company is small and burning investor cash. Few operators in tech are as familiar with this well-worn playbook as Mr. Musk, who is almost unrivaled among entrepreneurs in the total market value of all the companies he has helmed or helped found—including SpaceX, Tesla and PayPal.