Matt Levine’s Money Stuff: Musk Tries a New Way Out of Twitter

Musk v. Twitter

A month ago, Elon Musk’s fight with Twitter Inc. was a merger dispute. Musk signed a merger agreement with Twitter in April, in which he agreed to buy Twitter for about $44 billion. Then the stock market went down, and Musk decided that he didn’t want to pay $44 billion for Twitter anymore. And so, like lots of other regretful acquirers before him, he tried to find an excuse to get out of the deal. There is a standard set of ways to do this. The merger agreement is 73 pages long, full of representations and covenants ...