The Elon-Wall Street Game of Chicken

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In the matter of Twitter vs. Musk, the world’s richest man has certainly had some lucky breaks since announcing, yet again, his intention to buy Twitter at $54.20 a share, or $44 billion. But there are some loose ends to tie up before the deal goes through. The focus is now shifting back to Elon’s banks, which have committed to providing $13 billion of debt, secured by Twitter’s assets. In today’s column, I consider how this game of chicken might resolve itself, evaluate the enigmatic legacy of Ray Dalio as he steps away from Bridgewater, and I query the oracle himself, Larry Summers, on the delicate dance between inflation and recession. His answer might surprise you; it sure surprised me.

Bill

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The Elon-Wall Street Game of Chicken

News and notes on the latest intrigue at the upper echelons of Wall Street: Bridgewater after Dalio, the anxiety of Elon’s bankers, and a prophecy from Larry Summers.

WILLIAM D. COHAN

Late Thursday, the Chancery Court gave Elon until October 28 to get his deal done to buy Twitter. Judge Kathaleen McCormick also postponed the trial until November at the earliest and postponed his deposition. These are all lucky breaks for Elon and other than wanting to take what surely will be a messy trial off her docket, I’m not sure why she took pity on the world’s richest man.

I suspect she must think there’s a legitimate chance of a deal getting done at the original $54.20 purchase price. In a down market on Friday, Twitter’s stock continues to retreat back below $50 a share, suggesting as with Everything Elon that there’s...

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