Elon’s Clues and an M&A Hail Mary

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Happy Sunday, and welcome back to Dry Powder.

You have to give credit where credit is due, and to Elon Musk’s credit, he managed to close the rollercoaster Twitter deal, despite its many obstacles. But now that it’s done and dusted, and the Elon regime is underway, what are the lingering financial implications? In today’s issue, I consider how Musk’s bankers might deal with all that debt, salute Tim Cook and Apple’s record-breaking quarter, and look at Credit Suisse’s latest pivot as its failed 35-year investment banking experiment comes to an end.

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Elon’s Clues and an M&A Hail Mary

News and notes on the inside conversation percolating throughout Wall Street: what Elon’s bankers will do with the debt, Apple’s earnings, and the CS First Boston prayer.

WILLIAM D. COHAN

It’s very early days, obviously, in the Elon Musk regime at Twitter, so even he deserves the space and time to try to implement his vision for the company. To his credit, and to my surprise, he actually closed the deal, although I still can’t imagine why, other than what would seem like a major hurdle to all but a handful of people in the world—risking $24 billion of his own money and another $7 billion committed by his friends and another $13 billion from his friendly bankers—seemed like a bit of a lark to Elon. In fact the whole episode seems like a bit of a lark to Elon. I guess if you are already the...

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