Happy Sunday, and welcome back to Dry Powder.

In today’s column, some news and notes on another frustrated constituency—beyond the lawyers, Twitter shareholders, board members, co-investors, etc.—at the mercy of Elon’s Twitter antics: the arbitrageurs. Plus, inflation updates, the troubles at Credit Suisse, and Jay Z and Jack Dorsey’s curious “Bitcoin Academy.”

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Honestly, the whole thing has become a joke, except for the members of the Twitter board, or for the Twitter shareholders or employees or the bankers or lawyers still advising Elon, the latter of whom probably thought they were working on an important $44 billion deal and heading toward a big payday.

The other constituency for whom this is no joke are the arbitrageurs—the traders who bought Twitter stock soon after the April 25 deal got struck at $54.20 a share in cash and were betting that the world’s richest man would honor the merger agreement he signed. The arbs buy stock after a deal is announced from shareholders who don’t want to wait around to see if Musk will follow through at $54.20 by the October closing date. Usually, with serious deal-doers, the arbs make money by buying stock from shareholders well below the offer price and then collect the offer price at closing—the difference between the two being their profit, less the carrying cost of the stock they bought...