Elon is currently shopping around for financial backers. He still has a lot of his capital tied up despite having liquidated a huge position recently. There is speculation that Apollo could potentially help bankroll him, though it is unsure if it is him or another currently interested party. Other financial backers are skeptical of backing Elon because he is a bit unpredictable.
The Twitter board, assuming they are unable to secure another buyer for an equal or better price, and assuming they reject Musk offer, is looking at mounting lawsuits over breach of fiduciary duty, especially considering the entire board combined, outside of Twitters creator who will be leaving the board very soon, owns less than 1%. Their current salaries run from $200k to $300k a year. Elon has stated it will be $0 if he buys. For this reason it is likely they will look to reject his offer, and likely given their less than 1% ownership showing their interests do not align with the shareholders they will lose bigly.
Gov Desantis has also just stated that Florida's state run pension fund shows they acquired Twitter stock long ago, and that he would be looking at lawsuits if they pass on Musk offer. Last, Elon has stated he would likely look at using a Tender offer, reaching out to Twitter shareholders themselves, to proxy their support and vote with his in order to take control of the company in coming days.
Personally, I hope Musk gets Twitter and crushes the board. Should he lose his bid, and no buyer emerge, he could liquidate his entire position without filing and SEC interference since he owns less than 10% (which is why he bought the amount) and causing a panic sell from other shareholders insuring lawsuits.
