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Short-seller Hindenburg Research warned on Monday that Elon Musk's $44-billion offer to take Twitter Inc (TWTR.N) private could get repriced lower if the Silicon Valley billionaire walked away from the deal.

"Musk holds all the cards here," Hindenburg, which has a short position on Twitter, said in a report. "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."

Shares of the social media platform were down as much as 4% amid a broader market decline and touched $47.76, their lowest level since Musk made his $54.20 per share offer in April, calling it "best and final".

Twitter declined to comment. Tesla Inc (TSLA.O) was not immediately available for a comment from its Chief Executive Musk.

"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.

The short-seller said the deal has seen a number of developments, from financing to board approval, which could have weakened the company's position.

Hindenburg said Musk could walk away paying the $1 billion breakup fee and has leverage to renegotiate if he chooses to.

Last month, Twitter secured a $44-billion cash deal to sell itself to Musk and received over $7 billion in funding from high-profile investors, including Oracle's co-founder Larry Ellison and Sequoia Capital.