When a company declares bankruptcy the only money anyone gets back are the value of the company’s assets. Which some quick googling indicates is somewhere around $14B. So $30B less than what he paid for it.
I’ve heard Twitter was actually worth somewhere around $25B when he bought it. If he did nothing and left it alone for a year and then sold it, yeah he’d have lost around $20B from the whole mess, but that’s still better that driving it into bankruptcy.
I think it’s more an ego thing. He obviously overpaid for Twitter, and he can’t admit he made a mistake, so he’s trying to find a way to blame the mistake on the “woke” left or whatever.