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This phrase is an ideom that means you cannot get any lower.
The term "white elephant" refers to a possession that is more trouble than it’s worth, often due to its high maintenance costs or the burden it imposes on its owner. It is commonly used in situations where someone has inherited or acquired something expensive that they cannot afford to maintain or that causes more hassle than benefit. For example, if someone receives a luxury item that is costly to upkeep, they might describe it as a "white elephant." This idiom is also used in the context of gift exchanges, where participants intentionally give impractical or unwanted gifts.