Looks like the big banks are on the hook to help Musk buy Twitter at a now obviously inflated price. Indeed, according to this story, if the debt was to be evaluated today they’d be out $500,000,000. Of course that’s sofa cushion diving change to them, but for the rest of us it could be real money.
I made a bunch on it last week; I bought a few thousand shares (at $32) when TWTR was at a low, figuring if the deal cratered it couldn’t go much lower, if (somehow) the deal came together the stock would come back to $54. I really expected there to be a protracted - if shorter than usual - tussle to get Musk to accept the deal he had already accepted, and then, to everyone’s surprise, he said “OK, I’ll do it.” I got out at $50.50, leaving a few bucks on the table (“ask” at the time was $52, so I got hosed on the execution) since I had no confidence that this was the final word, given Musk’s volatility over such things.
I also have little expectation that the platform will get better; he’s already announced that banned users will be allowed to return - and with less moderation (!) - I expect in a year or two it will be a sewer of attacks, conspiracy theories, and other crap as we have seen when people are allowed to be their worst.
Anyway, good luck to the banks. Heh. As if I care.