He's on the level of dude that wore an iron man mask while robbing a bank in Spider-Man.
He's a low rent Glomgold.
I think it's more likely he's trying to get a lower price than walking away. His net worth has collapsed recently, and Twitter would be worth less after the tech carnage if not for his offer supporting it, so he probably hopes they'd rather settle for a few billion lower than have their dirty laundry aired by Musk every day for the next year.
Would Twitter have the most dirty laundry in that situation?