Wall Street: Musk-Twitter saga winners and losers

The latest in finance.
View in browser


Hi! This is Dan DeFrancesco checking in from New York. For those who observed the high holy day yesterday, here's hoping your fast went smoothly.

Lots on tap today, from oil cuts to CEOs preparing for a potential recession to the guy who just caught a very expensive souvenir

But first, let's chat about a certain tech executive and his plans to buy a certain social media website. 

By the way, our colleagues over on the media team are gathering nominations for an inaugural list of athletes who have built successful careers as creators. To learn more about the list, and submit your own pick, head over here. 

If this was forwarded to you, sign up here. Download Insider's app here.

A picture of Elon Musk from the shoulders up. He's wearing a black t-shirt and clasping his left hand to his head with a calm expression on his face.

1. The Elon-Twitter saga rolls on.

If you haven't been following along, Elon Musk told Twitter on Monday he'd agree to purchase the company for $54.20 per share, the price the two sides had initially agreed upon back in April before Musk famously tried backing out. 

There is still a lot to be sorted out — the Delaware judge presiding over the case said Wednesday neither party had officially filed anything to prevent a trial between the two sides from proceeding — though Twitter has agreed to delay a deposition by Musk scheduled for today, according to multiple reports

However, it seems a lot of the parties involved in this fiasco are coming out worse for wear if the deal ends up going through. 

Seven banks, including Morgan Stanley and Bank of America, are on the hook for $12.5 billion to help finance the deal, a process that suddenly seems a lot more daunting considering current market conditions. 

Meanwhile, Twitter employees must face the reality of having an owner who spent the better part of four months trashing their company, leaving them frustrated and questioning what type of changes might be implemented once the dust settles.   

And then, of course, there is Musk himself, who will have to sell more shares of Tesla in order to fund his portion of the deal, a move that one analyst said was akin to "giving away caviar to buy a $2 slice of pizza."

But, this is Wall Street, and one person's agony is another's success. And while many are bemoaning the knock-on effects of the deal, there are those who stand to benefit, including billionaire Carl Icahn, a Florida hedge fund, and, perhaps least surprising of all, the lawyers involved

In other news:

aaron judge

2. OPEC+ agreed to cut its daily production by 2 million barrels in an attempt to increase oil prices, which had slid in recent months following a spike over the summer. The move by the group, which is co-led by Saudi Arabia and Russia, comes despite US and European leaders pushing for more oil production to lower gas prices and limit Russian revenue.

3. Lawyers are set to make a boatload in fees from Elon Musk's will-he-won't-he Twitter deal. One law professor estimates the cost could be as high as $100 million for Musk alone, further cementing the belief that lawyers always come out on top no matter what.

4. The vast majority of CEOs are ready for a recession and plan to cut ESG spending and conduct layoffs, according to a new survey from KPMG. Only a third of respondents, which included chief executives from 400 American companies, believe a potential recession will be "mild and short."

5. English Premier League team Everton is reportedly receiving interest from a SPAC co-led by George Soros' nephew, according to Bloomberg. The beautiful game has garnered increased interest from investors in recents years, with US billionaire Todd Boehly and PE giant Clearlake Capital purchasing fellow EPL club Chelsea earlier this year.

6. An unlikely new entrant into the world of venture investing has emerged: public utilities. A group of natural-gas utilities has backed a $61 million fund that is focused on disruption within their own industry. According to one investor, the move is more about understanding the latest developments in green technology than nabbing eye-popping returns (but I'm sure that doesn't hurt).

7. Remote work might not mean a rubbish raise during your annual review. Four HR experts share their tips for how you can make sure your contributions are recognized even if they were done in sweatpants.   

8. The fan who caught Aaron Judge's 62nd home-run ball works in finance. Cory Youmans, who is a vice president at a Dallas branch of money manager Fisher Investments, is sitting on a potential gold mine, with one prospective buyer having previously valued the ball at $2 million. Watch the moment he caught it here.

9. Insider's Adam Rogers binge-listened to tech podcasts for a week. Adam shared six lessons from the 40 hours he spent listening to Silicon Valley's top minds.

10. The annual list of the World's 50 Best Bars was released, and New York City nabbed two spots in the top 15. In what I'm sure will be a shock to young finance bros, no Murray Hill watering holes made the list.

Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

Older messages

Amazon reportedly freezes hiring for the corporate wing of its global retail business

Wednesday, October 5, 2022

Numerous major companies have begun initiating hiring freezes and layoffs to reduce their workforce. View in browser Business Insider Business Insider Business Insider Subscribe Hello! We're saying

Insider's new daily newsletter is coming your way

Wednesday, October 5, 2022

Only fascinating stories — right in your inbox. INSIDER INSIDER Hi there! Insider is about to launch a new daily newsletter and we wanted you to be the first to hear about it. We know you're

Wall Street: Dalio exits Bridgewater

Wednesday, October 5, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Good morning! This is Kaja Whitehouse reporting to you from New York City. The focus of today's newsletter

Our October cover star: Actor Diane Guerrero

Tuesday, October 4, 2022

Hi! I'm Caralynn Lippo, a senior entertainment editor for Insider's Life division. INSIDER INSIDER Diane Guerrero is Insider's National Hispanic Heritage Month cover star PHOTO CREDIT:

I’m a 22-year-old Amazon delivery driver. The cameras in my truck keep me on high alert, but it’s my dream job and the flexible hours are great.

Tuesday, October 4, 2022

Ulises Perez works as an Amazon delivery driver in Salt Lake City. He delivers hundreds of packages and spends over 40 hours on the road every week. View in browser Business Insider Business Insider

The answer to the jobs riddle

Monday, November 28, 2022

Bloomberg Evening Briefing View in browser Bloomberg The global economy looks shaky and some of the world's biggest names are firing thousands of employees. For those workers, there's little

🤫 Psst, we might be past peak inflation

Monday, November 28, 2022

Chinese ecommerce platform Pinduoduo throve last quarter | Prices might finally be about to ease up | Finimize Hi Reader, here's what you need to know for November 29th in 3:11 minutes. ❄️ This

A controversial tactic to get a raise

Monday, November 28, 2022

Plus: Exclusive Hollywood club, and China's protests. View in browser Subscribe Only fascinating stories Nicholas Carlson, November 28, 2022 Hello, Insiders. I've been glued to footage of

Why Finance is Hard to Decentralize

Monday, November 28, 2022

Plus! Why They Don't Drill; Shorting; Crypto Liquidity; Food Convergence; Crypto Transparency; Diff Jobs ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Wall Street: Alternatives for all

Monday, November 28, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Welcome back! Dan DeFrancesco here in New York. Today we've got stories on why Gen Z might be in trouble

🇨🇳 China stumbled on the starting blocks

Sunday, November 27, 2022

Daily Covid cases hit an all-time-high in China | Holiday sales got the US het up but left Europe cold | TOGETHER WITH Hi Reader, here's what you need to know for November 28th in 3:03 minutes. ⛷

Amazon guts Alexa — Disney drama — Swiftie lawyers

Sunday, November 27, 2022

A selection of our best stories from the past week, as chosen by a top editor. Subscribe to Insider View in browser INSIDER WEEKLY Hi, I'm Matt Turner, the editor in chief of business at Insider.

Longreads + Open Thread

Saturday, November 26, 2022

Mergers; SAFEs; Twitter; Hacks; Cells; MF Global; Diff Jobs ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Oil’s weird decline

Saturday, November 26, 2022

Bloomberg Weekend Reading View in browser Bloomberg For investors keen to see the US Federal Reserve slow the size of its interest rate hikes, this week offered some hope. The bad news is that Fed

The real ‘Fed pivot’

Friday, November 25, 2022

Bloomberg Evening Briefing View in browser Bloomberg Beneath the surface of a Wall Street still crowded with bears, some money managers are reacting to the latest signs that a “Fed pivot” has finally