Elon Musk’s Narrow Twitter Escape
His real businesses, Tesla and SpaceX, are likely to need his cash and attention in the months ahead.
Elon Musk wants out of Twitter for the obvious reason. The deal was becoming a big financial loser for him, even a danger to his entrepreneurial ambitions. Twitter is looking less appealing as a turnaround project. The Tesla shares he would have to sell to complete the purchase are plummeting. The economy is headed into deep waters.
It’s not entirely irrelevant that the $8.5 billion he already sold (after Tesla shares had dropped almost $200) now looks like an advantageous trade given Tesla’s further decline. Now he’s supposed to surrender this highly useful cash to buy Twitter shares on even more disadvantageous terms? No thanks.
Continue reading your article with
a WSJ membership
View Membership Options
Sponsored Offers
-
Walmart:
Walmart coupon: $20 off your $50+ order -
Best Buy:
Save 15% or more on the Best Buy deal of the Day -
The Home Depot:
Free $20 Home Depot coupon with Pro Xtra membership sign up -
Nike:
Ultimate Savings: Extra 20% off your purchase with Nike coupon code -
Wayfair:
Up to 15% off + free shipping at Wayfair -
Journeys:
Summer Sale: 50% off select styles + free shipping