Investors have “very few places to hide” in markets right now, strategists led by Mike Wilson wrote Monday. The latest: Morgan Stanley is warning clients that the S&P 500 could enter a bear market, which marks a 20% decline from recent highs, my CNN Business colleague Matt Egan reports. Could an even sharper sell-off be on the cards? US stocks have stumbled this year, breaking the stunning momentum they built during the recovery from the coronavirus pandemic. And if Musk brings back former Twitter CEO Jack Dorsey - who tweeted support for Musk on Monday - that could spark a shakeup at Square parent Block, which Dorsey currently heads up.
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He may deputize someone else to fulfill his pledge to prioritize free speech, add features, make the company’s algorithms open source and defeat “spam bots.”īut if he gets too involved, it could affect investor confidence in Tesla, given how closely Musk’s cult of personality is tied to the company’s share price. So far, Musk has been vague in outlining his plans to overhaul Twitter and the role he’ll take. Last week, it announced new funding from venture capital firms like Sequoia, valuing the firm at nearly $6 billion. His tunnel-building startup, The Boring Company, is also growing.
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Musk has his hands full running the world’s most valuable automaker as well as private space company SpaceX.
That’s raised the specter that he could offload a portion of his 17% stake to fund the Twitter deal. Most of Musk’s wealth is tied up in Tesla stock. Musk persuaded banks including Morgan Stanley to cough up more than $25 billion in debt financing.īut he still needs to put up roughly $21 billion on his own. That could point to some skepticism that the transaction becomes final.īloomberg reports that Musk will have to pay a termination fee “if the deal falls apart or if he walks away.”Ĭould Musk be forced to sell Tesla stock? Twitter shares closed at $51.70 on Monday, almost 5% below the deal price. “We do not expect any major regulatory hurdles to the deal getting done,” said Wedbush Securities analyst Daniel Ives.īut that doesn’t mean it’s guaranteed to cross the finish line. Musk doesn’t own any other big media properties, which means regulators that focus on antitrust issues are unlikely to hold up the deal. Will one of the biggest leveraged buyouts in history actually close? Investors, meanwhile, have been busy drilling down on other questions.
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And given Musk’s commitment to creating “an inclusive arena for free speech,” his ownership could also have major ramifications for public discourse, thanks to Twitter’s role in steering conversation online. If the deal goes through, Musk will join a growing list of billionaires who have tapped their fortunes to scoop up high-profile media properties. It sparked instant debate - much of it, naturally, playing out on Twitter. The agreement is one of the biggest deals to take a company private ever recorded, according to data from Dealogic.
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