Arbitrage traders often believe Twitter's stock holds up well if we are going back to court, according to my informal poll last week, Glick said.
The typical estimate of where Twitter would trade if the acquisition were to fall through was approximately $45 per share.
According to him, the October closure likelihood of the transaction is now over 60% as of Monday's intraday price for Twitter shares.
Cowen trades Twitter equity options and establishes markets in the company.
After Bloomberg News reported that Musk appeared to be running out of ways to escape his initial $44 billion deal to buy the social media business.
Twitter shares increased 2.4% during the session to end at $50.36 and stopped a three-day losing streak.