The market is going to continue its downturn as long as inflation is a problem. The fed is committed to controlling inflation. They will do all they can to shrink the money supply. Which eventually turns into lower priced assets. So twitter's board would be nuts to not take the revised offer. I also think that musk wants twitter. I'm more that positive that he has a strategy were he uses it to further his other businesses.
People say he's impulsive. Yes, in a few cases. But he's shown that he can wait if he believes in something's future. He has plans for twitter's future so he's not going away.
Is he even renegotiating anything? If he tweets to the world that he's "putting the deal on hold", that doesn't mean the army of people who are working on it have been ordered to stop. His twitter followers are completely unrelated to the mechanics of the transaction.
Twitter's board would be nuts to do anything but ignore his public statements, as long as the gears continue to turn behind the scenes. As you say, he "wants Twitter".
How would you deal with someone acting like an idiot in this way, after they signed an iron clad contract? I think most people would politely ignore it, and keep on completing the paperwork. There is no leverage until the person that wants to exert it jams some kind of lever in the gears, and that is not done by tweeting stupid things to the public.
People say he's impulsive. Yes, in a few cases. But he's shown that he can wait if he believes in something's future. He has plans for twitter's future so he's not going away.