Happy Sunday from Dry Powder.

And thanks as always for following our work here at Puck, a new media company covering the intersection of Wall Street, Washington, Silicon Valley, and Hollywood.

It’s been a fascinating couple of weeks for those of us who have been following and reporting on Elon Musk’s efforts to purchase Twitter. Earlier this month, I explained how Elon was likely to structure the financing he would need to take the company private. I was also among the first to argue that his bid was deadly serious, and that the Twitter board and its advisors, including Goldman Sachs, would be unlikely to find a better offer. Still, Musk’s decision to leverage his Tesla stock has introduced a new category of risk, and a $1 billion question: Will Elon walk away?

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But let’s not get ahead of ourselves quite yet. In the last month or so, since the histrionics started, the Tesla stock is down 20 percent, reducing the value of the electric carmaker to $900 billion. If we slice the pie a little finer and look at the performance of the stock since April 25—the day Elon and the Twitter board of directors signed a merger agreement, making the deal a lot firmer—it is down 13 percent. Remarkably, however, the stock dropped less than 1 percent on Friday, after Musk announced that he had sold $8.5 billion of his Tesla stock, or 5.6 percent of his holdings, over the previous several days. That’s a negligible reaction considering that the rest of the market fell out of bed. The Nasdaq, where Tesla trades, was down 4.2 percent on the day. So that’s relatively good news for Elon, assuming he really wants to go through with this thing...