I suppose that's one reason. But Musk has formed basically pyramid schemes to keep his debtors from calling and to move his debt out from under him. Without that, he likely would have to sell shares to cover the debt of his Twitter purchase.
Care to explain which "basically pyramid schemes" you are alluding to? A link to a reputable source would suffice.
He paid for that with: 1) shares of TSLA that he sold, 2) company debt (not personal debt)