I think that Twitter going bankrupt would be the best thing that could happen for both Twitter and its users.

As JVL pointed out, the site would probably still function even if the company failed. Ownership of the site, however, would pass from Elon to the boring, smart professionals at some distressed debt fund.

These people would run the exact same strategy that Elon is trying to implement (cut headcount and make people work harder) without the distractions caused by Elon's Cocaine Bear management style. This would result in a both a stronger business and a better product.

(What the fork is "Cocaine Bear?" Glad you asked: https://youtu.be/Q8JrYFf0swM)