Welcome back, and happy Wednesday.

Thanks as always for reading Dry Powder, my private email about the real inside conversation on Wall Street.

As I wrote last week, I strongly believe that many smart pundits dismissing Elon Musk’s bid to buy Twitter are wrong. Musk is serious, he’s presented a serious offer, and the Twitter board should be taking it seriously, too.

Today, I’m expanding on that argument with new reporting and deeper analysis regarding how, exactly, Musk can secure the financing required to execute a hostile takeover for the ages.

P.S. You're receiving the free version of Dry Powder at . For full access to Puck, and to each of my colleagues, subscribe here.

This investor went on to say that the offer was a great boost for activist investing, which he feared might have been proclaimed dead “prematurely” what with Bill Ackman’s recent pronouncement that he was pretty much abandoning the activist approach to investing, in favor of investing in great companies and sticking with them for the long haul, like his hero, Warren Buffett. “This is actually a really good time for real, old-school activism,” he added, surmising that Elon is surely enjoying the mountain of attention he’s getting from making an offer for Twitter. “I've observed it in myself,” he continued, “like the dopamine receptors and the neurological response that you get from it. I'm sure he's getting a rush out of it. And probably, when you get to his stage”—meaning his level of extreme wealth—“anything that gives you that kind of stimulation” is exciting.

Musk may be getting there. Indeed, all that stands between him and Twitter, the strange prize he covets, is...