Not quite. The the $33 Billion of equity Elon Musk put up junior to the $13 Billion loan.
That means that if the company starts at $44 Billion then falls to $15 Billion, then Twitter still owes $13 Billion, but Elon Musk only has $2 Billion now.
Leveraged buyouts are… well… levered. It grossly increases the risk of losing everything.