Nah, It sucked from the beginning.
Like every other social media giant, it probably always has been in the red. Its main purpose was to kill decentralized communications by offering impossibly good deals with no concerns for cost.
Ads just don’t pay enough for massive file size limits, permanent archives, nigh-unlimited download speeds and 24/7 uptime. All of these silicon valley companies must have realized that bailouts and such are no longer enough to keep their business model running, so they had to change it.