Studio $54.20

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Happy Wednesday, and welcome back to Dry Powder.

It’s been six long months since Elon Musk, the world’s richest man, agreed to buy Twitter for $44 billion dollars. The intervening period has been, to put it mildly, a massive shitshow, to a degree rarely seen on Wall Street or anywhere else for that matter. But now Musk has ended up back where he started. In today’s email, I tabulate the winners and losers of Elon’s abrupt about-face, and consider what comes next for the social media company. The circus is just getting started.

Bill

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Studio $54.20

A close reading of the most insane acquisition of our age: why Musk capitulated, the banks who scored, and who’s left holding the bag.

WILLIAM D. COHAN

It took Elon Musk six months to get back to exactly where he started: He will now be buying Twitter for the same $44 billion, or $54.20 a share, that he agreed to—legally, morally, and contractually—on April 25. What a long, strange trip it’s been! However Elon came to his senses—did Ari intervene? Or Egon? Or did Alex Spiro, his attorney at Quinn Emanuel, finally get through?—it’s incontrovertible that he was going to lose in the...

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