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Notes -
He was going to pay for Twitter by selling/borrowing against Tesla stock. After he made the offer there was a market downturn. Both Twitter and Tesla stock were trading lower, however, the price he would pay for Twitter was locked in beforehand at a higher price. So, to complete the deal, he would both have to overpay for Twitter and sell a greater share of his Tesla stake to complete the deal: a double whammy to his personal balance sheet.
At the minimum he alleged the bs about bots and go to court to try to renegotiate the deal, but the judge seemed pretty unsympathetic so he decided to skip the risks of being deposed and ruled against and closed after all.
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