Matt Levine, Columnist

Elon Got His Deal

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April 26, 2022 at 1:39 PM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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I guess it is worth saying that Elon Musk does not own Twitter Inc. He did not buy Twitter Inc. yesterday for $54.20 per share in cash. He did sign an agreement yesterday to buy Twitter for $54.20 in cash. That is a big step! It means that he probably will end up owning Twitter within a few months or so. (The deal “is expected to close in 2022”; it might take up to six months.) But he does not own it yet.

So, for instance, he cannot change anything about Twitter yet; he can’t change moderation policies or open-source the algorithm or bring back Donald Trump, or whatever you are excited or worried about, until the deal closes. Employees who are unhappy about Musk’s plans for Twitter can quit, but he can’t fire them yet. Reuters notes:

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