Elon’s Hollywood Ending

Good evening, and welcome back to Dry Powder, my biweekly private email about what’s really happening on Wall Street. In tonight’s email, fresh observations and reporting on whether Ari Emanuel can save Elon Musk, the ongoing, abject charlatanism of Cathie Wood’s new venture fund, and how First Boston can get back to its roots if only Credit Suisse will let it go.

But first, a quick note on the debt markets. As I predicted back in August, the struggle of the big banks to move some $15 billion of Citrix debt off their books has created a cascading effect on Wall Street. So far, this group of...

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Elon’s Hollywood Ending

Musk’s texts, which include a startling dismissive exchange about Sam Bankman-Fried, reveal why he needs Ari Emanuel to save him from himself. Plus updates on Cathie Wood’s latest investment scheme and the potential resurrection of Credit Suisse’s investment bank.

WILLIAM D. COHAN

Sometime over the past few weeks, Bloomberg reports, Hollywood mogul and Endeavor founder and C.E.O. Ari Emanuel tried to broker a deal between Elon Musk, a former Endeavor board member, and the Twitter board of directors, via Silver Lake C.E.O. Egon Durban, who sits on the boards of both companies. The idea was, presumably, to find a solution to the legal battle between Elon and Twitter before the conflagration hits the Delaware courtroom in a few weeks.

A compromise would certainly be a Hollywood ending befitting Ari, the ultimate “interstitial man,” to borrow a phrase from the incomparable Ralph Nader. There’s few middlemen better suited to...

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