I dunno, look at private equity buyouts, which Twitter kind of resembles—Musk somehow convinced banks and Twitter itself to foot most of the bill for his purchase.
The whole point is to avoid putting money into the prey company by saddling it with debt, while you squeeze every last cent of value out of its living corpse. It can take a long time for companies to die when this happens: Sears is a solid case study from recent times.
https://ivyexec.com/career-advice/2018/sears-case-business-f...
Considering how little of his own money Musk spent on the deal, I wouldn't be surprised if he was just having fun lighting a huge pile of other peoples' money on fire. He's obviously gotten bored with his car and spaceship toys.