Elon’s Pivot & Banker Bonus Blues

Happy Wednesday, welcome back to Dry Powder.
‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Happy Wednesday, welcome back to Dry Powder.

It’s been an eventful few days for Elon: along with a revised Twitter proxy statement filed on Tuesday, the would-be media mogul outlined three hurdles waylaying the deal in a somewhat head-scratching interview at the Qatar Economic Forum. My analysis of the remaining M&A hurdles, below. Plus new reporting on how Wall Street is scoring the Larry Summers-Joe Biden recession forecasting dustup, and a conversation with my colleague Dylan Byers in advance of his trip to Sun Valley.

P.S. As a reminder, you’re receiving the free version of Dry Powder at . For full access to Puck, and to each of my colleagues, you can subscribe here.

LEARN MORE

SPONSORED BY THE NORTHERN TRUST INSTITUTE

Elon’s Pivot & Banker Bonus Blues

Notes on Musk’s latest head-scratching monkey wrench in the Twitter saga, and the unveiling of a grim reality: inflation may be roiling the nation, but senior bankers are worried about what the stagnating deal flow will mean for their seven-figure bonuses.

WILLIAM D. COHAN

We now have a couple of new developments in the long-running soap opera that is, theoretically anyway, Elon Musk’s takeover of Twitter. First, on Tuesday morning, a revised preliminary proxy statement from Twitter was filed with the S.E.C. Of course, since the proxy is not marked to show changes—it should be!—it’s difficult to know what’s actually new. There is a grand invitation to shareholders to attend a “special meeting” to vote on Elon’s proposed $44 billion acquisition but there is an asterisk in place of where the date for the meeting should be. There is also the use of the subjunctive in the proxy, as in, “If the merger is completed, you will be entitled to receive $54.20 in cash…”

A big if! At least the year—2022—is written in black ink. So, I’m not sure that this proxy update is much different than the one filed on May 17, but it is another step forward, by the company anyway, to make it seem like the deal is on track to happen. (By the way, if any of the lawyers or bankers working for Twitter would care to share the differences between the May 17 preliminary proxy and the June 21 preliminary proxy, I’d love to hear about them.)...

SUBSCRIBE TO CONTINUE