Musk threw in xAI ownership to sell those bonds, which themselves have an 11% rate. Musk basically backstopped the bonds by giving a heads up of this.

No, that was absolute fantasy numbers, and in no universe did it verify any value of Twitter.

Musk really, really knows how to play people. He deserves that credit.

And I mean, bond discounts or not have nothing to do with the value of a company. The discount on a bond is based upon the likelihood they'll ever be paid off, and after it was clear that Musk would save the failure of X by using one of his other companies and AI hype to do so (as others have said, just like SolarCity), the bond lost its discount. X's value could be $1, but if the bonds are going to be repaid they'll sell at no discount.

?

When debt is worth near par that only means that equity is very likely positive (not null). Doesn't tell you anything about how positive.