Happy Sunday, and welcome back to Dry Powder.

We knew it was coming: Elon has pulled the plug on the $44 billion deal to buy Twitter. “This is like watching a train wreck in slow motion,” one Wall Street banker friend wrote to me. No kidding. Musk’s reputation is forever ruined on Wall Street—that much is given—but what happens now? In today’s note, a look at the manifold repercussions of Musk’s buyer’s remorse. Then, I respond to the five-alarm fire ignited by my assertions about Netflix’s EBITDA in last week’s email.

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I asked if, in his forty-plus years of M&A experience, this banker had ever seen anything before like what Elon had just done: thoroughly embarrassing and discrediting himself by signing a merger agreement to buy a company and then reneging on that deal in a fit of buyer’s remorse. “Yeah,” he replied. “When he tried to take Tesla private,” a reference to Elon’s last pathetic M&A failure, in 2018, when he tweeted that he was going to buy Tesla for $420 a share and that he had “funding secured” to do it. Elon did not, of course, have “funding secured,” and paid a $20 million fine, among other penalties, for misleading shareholders.

But Elon has well and truly screwed the pooch this time. As a result of this little stunt, he and his companies—Tesla, SpaceX, The Boring Company—will now be as big pariahs on Wall Street as Donald Trump, as a result of all his shenanigans over the years...