Matt Levine’s Money Stuff: The Price of Not Buying Twitter

Oh Elon

One question that might be important is: How much is Twitter Inc. worth if Elon Musk does not buy it? If Twitter announced today “we have agreed to terminate our deal with Elon Musk with no money changing hands, never mind,” what would happen to the stock? Well, it would go down. I don’t know how much. But just to put a number on it, let’s assume that it would trade to $25 per share, that that is Twitter’s stand-alone value. That is not investing advice or even a real estimate, but it’s helpful to have a placeholder.

At Musk’s ...