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Matt Levine

Elon Musk’s Other Merger Worked Out

Also Elon’s Twitter merger, Elon’s non-merger Twitter, Bill Hwang and the return of bond market liquidity.

Programming note: Money Stuff will be off tomorrow, back on Monday.

Elon Musk is becoming a leading figure in American mergers and acquisitions. This week he agreed to buy Twitter Inc. in what will probably be the largest leveraged buyout ever done by a guy in his personal account. In 2018 he spent a week pretending he was going to take Tesla Inc. private, in what was perhaps the largest pretend leveraged buyout ever done by a public-company chief executive officer, though I am not sure precisely how one would measure that. And yesterday he won an important Delaware Chancery Court case over his 2016 purchase of SolarCity Corp. Future law students will take courses in Elon Musk M&A, just like future finance students will take courses in the Elon Markets Hypothesis. Everywhere he goes, he creates issues.