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Matt Levine’s Money Stuff: People Wanted to Own Elon’s Twitter

Oct. 3, 2022, 5:04 PM

The Elon texts

A good starting point for thinking about Elon Musk’s decision to buy Twitter Inc., back in April, is that it did not involve any spreadsheets. Like, when Musk decided to offer $54.20 per share to buy Twitter, that was not based on any detailed financial modeling; Musk’s offers to buy companies are generally pretty whimsical, and 420 is a weed joke. Eventually, as the deal started to go bad, Musk demanded that Twitter send him its bankers’ working financial model, which is pretty unusual in big public mergers and acquisitions, and suggests that Musk might not have had ...