Elon’s Clues & An M&A Hail Mary

Elon Musk
Elon’s group of banks, led by Morgan Stanley and Bank of America, have underwritten $13 billion of senior secured financing in two tranches. Photo: Dimitrios Kambouris/Getty Images
William D. Cohan
October 30, 2022

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 C.E.O. of Tesla (and SpaceX and The Boring Company) and you have a net worth of around $200 billion these days (down $66 billion so far this year), owning Twitter for $44 billion must seem a bit trivial, and a bit of fun, in the scheme of things.