If Musk doesn’t pay the loans the banks can take Twitter off him, but then they’re stuck with Twitter.
It’s always lost money, but now Musk has driven off the advertisers and many of the high prestige users; got stuck in a bunch of pointless lawsuits he’s going to lose; and run up a lot of debt by refusing to pay people.
And Musk knows this. The banks are fucked.
Except that in industry no one gets tenure.