Hindenburg Research, a short-seller, warned on Monday that Elon Musk‘s $44 billion offer to take Twitter private may be repriced lower if the world’s richest person backed out of the agreement.

“Musk holds all the cards here,” read a Hindenburg report, which has a short position on Twitter. “If Elon Musk’s bid for Twitter disappeared tomorrow, Twitter’s equity would fall by 50% from current levels. Consequently, we see a significant risk that the deal gets repriced lower.”

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Shares of the social media site fell as much as 4% as the market fell, reaching $47.76, their lowest level since Musk made his $54.20 per share offer in April, calling it “best and final.”

Twitter did not comment on the report.

“Interesting. Don’t forget to look on the bright side of life sometimes!” Musk responded with a lighthearted tweet, to which the short-seller said that Tesla shareholders will thank him if the purchase is completed at a “more reasonable price.”

Hindenburg stated that the purchase had several developments, ranging from funding to board approval, that may have damaged Twitter’s position.

“We are supportive of Musk’s efforts to take Twitter private and see a significant chance the deal will close at a lower price,” Hindenburg said.

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According to the short seller, Tesla Inc CEO Elon Musk could walk away with paying only the $1 billion breakup fee and has tremendous ability to renegotiate if he so desires.

Last month, Twitter agreed to sell itself to Musk for $44 billion in cash, after receiving over $7 billion in capital from high-profile investors such as Oracle co-founder Larry Ellison and Sequoia Capital.

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Angelo Zino, an analyst at CFRA Research, believes the sale is likely to close at the current bid price unless Musk changes his mind.