There isn't formal due diligence, he's already made the offer. He doesn't (legally) have access to any information that he didn't have access to weeks ago.
Of course there is formal due diligence. He basically gave them a term sheet and now they've opened their books. That's why he can walk away and pay $1 billion if he doesn't like what he sees.
That isn’t how acquisitions works. What Elon and Twitter have done is effectively sign an LOI. Now they do actual diligence to close the deal, or walk away and pay the breakup fee.
In support of what hypothesis? Musk is in diligence. To walk away without any cause he would have to pay $1,000,000,000. He doesn’t have to say why he’s decided to walk away, but he has a billion reasons not to walk without cause.
