I see "current press sentiment" as an irrelevant factor. Just wait until some prominent right winger heads to Substack and the journalists start aiming their sights.

The point is, if I'm going to start a paid newsletter, am I willing to give up an extra 5% of my income for the same feature set?

The answer is hell no. Substack will have to lower their prices, and then the feature war will begin. Twitter will always have the upper hand given they can directly integrate newsletter sign up forms into twitter.

But hey, bureaucratic incompetence is endemic at Twitter, so they might screw up this obvious path to victory they have in front of them.