🎧 Listen: In today's episode of The Journal podcast, jasonrdean discusses what might come next after Elon Musk said he wants to pull out of his $44 billion deal to buy Twitter, and the social media company responded by saying it plans to sue
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Jason Dean: And this is all in the space of a few months. It's been a crazy thing to watch and a fascinating series of twists and turns.Jason Dean: Just tempestuous, I think, would be a word that would come to mind.Jason Dean: Right.Ryan Knutson : After they already signed the prenup.Ryan Knutson : Welcome to The Journal, our show about money, business and power. I'm Ryan Knutson. It's Monday, July 11th. Coming up on the show, why Elon Musk is trying to break up with Twitter.
Ryan Knutson : But so Elon Musk made this offer to buy Twitter in April. And at first, Twitter's board resisted, but then they eventually agreed. When did things start to change, and when did it start to look like Musk might be the one getting cold feet? Ryan Knutson : So for weeks, there had been speculation that Musk might try to back out of the purchase. And on Friday, lawyers for Musk made it official when they sent a letter outlining why they thought he should be able to walk away.
Ryan Knutson : A lot has changed since this deal was first announced. Inflation has continued to rise, there's talk of a recession and the stock market has kept falling. Both Twitter and Tesla, Musk's car company, have lost billions of dollars in market value. And for Musk, that creates a problem. Ryan Knutson : Is that the only possible outcome, though, if Elon Musk loses in court, is that he'd have to follow through on his purchase?
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