There were a lot of awful LBOs, but Elon may take the cake. Even the worst LBOs had a business case, even if in terms of asset stripping, outsourcing, channel stuffing, and other aggressive financial engineering.

When Elon bought it Twitter had no free cash flow, existing long term debt, no assets to sell, etc. It's an enormous LBO with strange characteristics done by a guy with no LBO experience, advised by Jason Calacanis and David Sacks.

This will be a b-school case study classic.