Elon could polish twitter for a few months, raise its share price through his shenanigans and then try to sell it off to his other billionaire friends. Or Saudis. Or China.
Since the summer when Elon tried to back out, the brain drain from Twitter had begun. The reality is that SF progressive types do not want to work for that GOP-voting narcissist. Twitter is a successful and useful service, but it's never had a strong business model. This problem exists for many other "social networks" such as Snap or Pinterest, for example. Only a small few are wildly profitable by monetizing copious user data: FB, YouTube, TikTok.
Many have speculated that Twitter is in "trouble" whether or not Elon actually completes the purchase. If he doesn't, he's already significantly damaged the company in recent months. And if he does, he will actively work to make the service a dumpster fire. So lose/lose for Twitter. Their best case TBH would have been to negotiate something like a $3-$4B break-up fee instead of the sale. That gives them runway to work through the looming recession.
Offer is pending financing? Wasn't Musk's original offer a straight cash deal? Twitter would be crazy to derail the trial schedule to accept a wishy-washy offer.
IIRC when the deal was originally announced, Elon was going to have an I-bank sell bonds to help finance the transaction. Later, after his billionaire bros ponied up cold cash (see recent text dumps), Elon pivoted to more of an all-cash deal where Elon was going to pony up more of his personal wealth, in conjunction with other oligarchs' money.