Yeah, but lots of the debt is actually on company's books - as is the case with LBOs. This is yet another case of barbarians at the gate (https://en.wikipedia.org/wiki/Barbarians_at_the_Gate) - corporate raider running a company into the ground.
That only works when the company has enough cash or assets to buyout the new owner for more than they paid. Twitter was definitely not a case of sitting on a mountain of assets that can be broken up and raided.
For sure, as far as LBOs go, this is probably one of the worst ever. Normally the raider pays a bit of a premium over the assets, then divides them, props them up a bit, and collects a profit. I can't imagine this being possible with Twitter. Nothing to break up. Nothing to prop up. And if he gets his way, he will be competing with Parlor for the niche market it caters to. Or 4chan :)
October 6, 1997: Michael Dell makes an infamously bleak appraisal of Apple’s fortunes. Asked what he would do with the struggling company, the founder of Dell Inc. says he would “shut it down and give the money back to the shareholders.”