M&A Ice Age & Elon’s Wild Man Strategy

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Happy Sunday, and welcome back to Dry Powder.

In today’s issue, a look back at what was an exceptionally quiet year in M&A dealmaking—with the exception of one glaring, Elon-sized aberration. Then, some thoughts on Bret Taylor’s surprise departure from his role as co-C.E.O. of Salesforce, and a close look at Twitter's stark financial picture.

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M&A Ice Age & Elon’s Wild Man Strategy

News and notes from around Wall Street: the M&A chill, Salesforce succession blues, and what the hell Elon’s thinking.

WILLIAM D. COHAN

The dealmakers on Wall Street have had a nice long run, fueled by indifferent regulators and cheap money. These things tend to go in cycles, some longer than others, and this one has been a particularly long and lucrative ride for investment bankers. The year 2021 was a particularly notable bonanza: JPMorgan Chase, for instance, made a stunning $46.5 billion in net income, a 70 percent increase above 2020. It was obvious that...

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