No. The draw down is already happening by major financial institutions that have to put a material value on Twitter. They are cutting it in half.
It absolutely makes sense to re-established a valuation if there are 'material events' and there have been - notably, major layoffs, operational problems, customers have left in drives. Most poignantly, the CEO has indicated 'there is a very material chance' that Twitter could go bankrupt.
What do you think 'we could go bankrupt' means? I means that, and, it was not the case prior to his arrival.
Finally, there has been a major market correction which has affected the price of all tech companies. Were Twitter to be a public company probably it'd be worth 1/2 as much - essentially P/E ratios have changed, even if the business did not.
Twitter is worth 1/4 what it was before - Musk bought at the peak and even if he did nothing it'd be worth a lot less, but his actions have caused the business harm with no predictable positive outcome (the changes mostly don't seem to align with some kind of plan to profitability).