The Real Value of a Company Is a Function of Its Debt Equity.

Twitter is issuing 13 billion in debt, which means day one, when Musk shows up with $33 billion in equity, 23 from him, 10 from his buddies, they're burning it. He's going to have to call all his buddies and go, Oh, hey, remember me. I talked you into this terrible deal that's now worth zero. Not only is it worth zero, but if you want to hold on to any chance of having equity that recovers, he might have to buy the debt so that he doesn't lose control.