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Matt Levine

Elon Musk Is Busy With Twitter

Golden parachutes, layoffs, poetry, plus Mark Zuckerberg and Treasury market liquidity.

I don’t know if you noticed, but I have spent much of the last six months writing about how Elon Musk, the world’s richest person, doesn’t really care about his contractual obligations. Musk signed a binding merger agreement to buy Twitter Inc. for $54.20 per share, and then decided he didn’t want to do that anymore, so he sent Twitter a letter saying that the deal was off. Twitter said, no, we have a contract, you can’t just change your mind. Twitter sued, and Musk fought bitterly in court for a while. But Twitter was entirely right and he was entirely wrong: They had a binding contract, he had no good arguments for getting out of it, and courts tend to think that contracts matter even if Elon Musk does not. Eventually he gave up: He didn’t lose in court, and he didn’t settle for some compromise; he just abandoned the fight and bought Twitter for $54.20 per share, as he had originally agreed. The deal closed last Thursday.

And then Elon Musk showed up for his first day of work as Twitter’s chief executive officer — technically its Chief Twit — and said “hey, do you have any other contracts I could violate?” The New York Times reports: