I don't think this is the simplest explanation. The simplest explanation is this: Musk's primary source of financing is Tesla stock. The sudden market downturn took a big chunk out of Tesla stock, which made his financial situation more difficult.
The delay in closing the deal is just that, a delay, in the hope that the market will recover and the price of Tesla stock will recover, thereby making Musk's financing position much easier.
Nobody anticipated the downturn, otherwise Musk never would have made a $54 per share offer for Twitter in the first place, because obviously it's much lower now, as is much of the tech market.
It's hard to believe that making a binding $54 offer on a stock that's only $39 a month later was "4D chess". I do think $54 was a reasonable, maybe even lowball offer a month ago. Twitter itself hasn't changed much in a month operationally speaking, but the whole market changed in valuation.
