The funniest part, though, is that the $13 billion in debt to Twitter is held by lenders who would be first in line to get any payout from a Twitter bankruptcy. If the enterprise value as a whole drops below $13 billion, then Musk would get nothing out of the bankruptcy, and would lose his entire $30b+ investment with nothing to show for it. Unless, of course, Musk decides to put good money after bad, and pony up a new investment of even more money, that the lenders would agree to take.