> Or, in an extreme case, Twitter could go bankrupt.

The article doesn't really entertain the most logical answer: because that's part of the plan. Musk is trying to cause Twitter to declare bankruptcy so that it can be rebuilt. Musk is already on record as saying that the software stack needs a complete re-write. Maybe he thinks the company needs a complete reboot.

At the very least, a bankruptcy could wipe out a large chunk of the debt the company now holds post-acquisition.