Already a member? Log In

The Elon-Wall Street Game of Chicken

Tesla C.E.O. Elon Musk.
Tesla C.E.O. Elon Musk. Photo: Carina Johansen//NTB/AFP via Getty Images
William D. Cohan
October 9, 2022

Late Thursday, the Chancery Court gave Elon until October 28 to get his deal done to buy Twitter. Judge Kathaleen McCormick also postponed the trial until November at the earliest and postponed his deposition. These are all lucky breaks for Elon and other than wanting to take what surely will be a messy trial off her docket, I’m not sure why she took pity on the world’s richest man. 

I suspect she must think there’s a legitimate chance of a deal getting done at the original $54.20 purchase price. In a down market on Friday, Twitter’s stock continues to retreat back below $50 a share, suggesting as with Everything Elon that there’s still some risk that this deal won’t happen by the end of the month and that the trial will proceed.