Yes, but all those "free" shows are on platforms where ad revenue gives some kind of safety net.

Not even true. Plenty of those shows are mostly or entirely audience funded, since YT is lame and demonetizes them. So people have been running actually free shows for ages, it's nothing new.

He's also not exclusively on Twitter, either. Other platforms will have ad revenue and, again, this isn't a new business model, or anything to be suspicious of. Also, Matt Walsh is big name, he could even have a contract directly with Twitter, for all we know. Even if it's not exclusive, and not to anywhere near the same degree, this is a little like Spotify snagging Joe Rogan. Twitter wants this, to pull in even more creators. Rumble has also been paying creators directly, so there might be another contract there. He's also with the Daily Wire, which has a lot of sponsors.

Again, this is very standard stuff, there's no 'shadow money' or anything (at least no more than with anyone else) just because it's a "free show."