It’s going to be something like that. He bought it for 44 billion. That was mostly loans. Those loans are transferred to the company and the company pays interest on them.
The banks committed to the loans at the point of the takeover proposal (end of April). The macroeconomic lookout was better. Since then, just about every tech stock is down >20% and Musk has helpfully made unfounded accusations of bots and spam and whatnot in a pointless attempt to delay the acquisition, meaning the banks now have to try and unload these loans in a recession. I think last I heard they are giving a 40% discount or just keeping them on their books, hoping for a recovery as Musk trashes the company value further with every week that passes.
That's not true if media reports about the purchase was accurate. The debt financing was only $13 billion: https://www.google.com/search?q=musk+buys+twitter+%22%2413+b...
The more complete funding structure[1] looked like this:
+ $24 billion : Elon Musk personal wealth (e.g. selling some of his TESLA stock to raise money)
+ $7 billion : other equity investors (Saudi Arabia prince, Larry Ellison, etc.)
+ $13 billion: bank loans
The Twitter puchase was mostly Elon's personal money (~54%) and not debt.
[1] https://archive.ph/L6Mhv