That’s exactly why. He didn’t want to go through with JT and I think devaluing the company might be a way for him to get out of it via bankruptcy. I remember reading that somewhere and thought it made the most sense. He’s a dude with a lot of money (at least on paper) and I’m sure he has people with a decent amount of financial acumen advising him what to do or at least trying to steer him in the right direction. I don’t think it’s any 6D chess or anything, just finance and tech bros playing finance and tech bro games.
I don’t recall the specifics of the one article I read about this, but yes, I think being able to declare bankruptcy gives an out for at least some of the debt. I believe there was also some way that doing so protected Tesla but can’t recall exactly how that worked.
This just doesn’t seem like a “he’s just bad at running a company” situation. A company of Twitter’s age and maturity could have run itself for quite some time if Elon just let it continue on. He’s doing this intentionally for some self-serving reason.