Elon Musk’s Twitter Deal Has Closed, Let That Sink In 

After being the #1 topic across financial outlets and this very newsletter for months, it’s hard to believe but Elon Musk’s acquisition of Twitter has closed. Banks rushed to put the finishing touches on the financing, while Musk, aka “Chief Twit”, continued to do Musk things at Twitter HQ. Delaware Chancery Court Chief Justice Judge Kathaleen McCormick may have had the final say, as she was perhaps the only reason in rushing to get the deal done.  


With the deal done, attention has turned towards the future of the company. On Tuesday, Reuters reported that Twitter has declined in “heavy tweeters,” – something Musk noted before making his offer. Musk has also suggested laying off 75% of the staff and even started to make good on that promise, promptly firing the CEO and head of legal policy, trust, and safety. If your concerned about the future of Twitter, don't be, Musk promised not to turn it into a “free-for-all hellscape.”


As we close this unique chapter of M&A history, keep an eye out for what should be an insightful look back at the last few months in a book from The Chancery Daily.


Meanwhile, GPPers attended several conferences this week including: WSJ Tech Live, Axios’ BFD and the FT’s Moral Money Summit. CEOs, dealmakers and experts weighed in on everything from TikTok to Fed policy. Below are the most relevant takeaways: 


M&A / IPOs: 

  • Anu Aiyengar, co-head of M&A at JPMorgan, says being proactive and building relationships during a period of stalled activity is key for when companies become more active with M&A.  
  • Lynn Martin, NYSE President, said the flood of backed-up IPOs will come when volatility lessens and believes recent Fed policy has given investors pause.  



  • Special Presidential Envoy for Climate John Kerry believes government incentives are the key to delivering capital to sustainability projects. 
  • Ravina Advani, Natural Resources & Renewables at BNP Paribas, spoke to the critical role data management plays in a company’s ability to oversee its emissions and achieving ESG goals.  


Future of Business:

  • Disney CEO Bob Chapek spoke about the importance of honoring a legacy brand while continuing to innovate, as the company looks to merge physical and digital experiences in the years to come. 
  • Jeffrey Katzenberg, co-founder of DreamWorks, said influencers will be a powerful tool for companies to partner with moving forward as consumer preferences evolve. 

Have a great weekend,

GPP Team


Reuters: Twitter is Losing Its Most Active Users, Internal Documents Show 

With significant shifts in user activity and engagement, Sheila Dang reports that Twitter’s woes may run far deeper than originally thought. Read More  

New York Times: Elon Musk Seems to Answer to No One. Except for a Judge in Delaware 

Lauren Hirsch’s piece showcases the background and acumen of Delaware Chancery Court Chief Justice Judge Kathaleen McCormick, whose handling of the Twitter deal has been widely publicized. Read More 

Money Stuff: Musk Will Buy Twitter at the Last Minute 

In what proved to be the proverbial final stroke of the pen, the bankers who pledged to loan Elon Musk the cash needed for his acquisition of Twitter have closed the final details of the deal. Read More 

The Washington Post: Elon Musk Dubs Himself ‘Chief Twit,’ Visits Twitter HQ with Deal Set to Close 

As funding for the deal finalizes, Musk visited Twitter’s HQ on Wednesday—meeting with employees, answering questions, and, in typical-nontypical fashion, posted a video of himself walking into the offices carrying a sink. Read More  


CLS Blue-Sky Blog: The Second Universal Proxy Card Hits EDGAR 

In the second real-world implementation of the newly implemented Universal Proxy Card, the CLS Blog notes interesting and unexpected developments—from how companies may test the boundaries of the SEC’s new rules, to new characteristics of the proxy cards. Read More  

CNBC: Meta Shareholder Writes Critical Open Letter Saying Company Needs to Slash Headcount and Stop Spending so Much Money on ‘Metaverse’ 

In an open letter published on Monday, Brad Gerstner— CEO of major Meta investor Altimeter Capital —urged the company to cut spending on the Metaverse and to take steps to reduce employment costs by as much as 20%. Read More  

WSJ Video: How the IPO Market Froze 

Macroeconomic uncertainty generated by the war in Ukraine, inflation and rising interest rates has resulted in one of the worst years for IPOs in recent memory. Watch Here 

Bloomberg: Masimo Seeks to Toss Activist Politan’s Lawsuit in Board Fight 

Politan is suing Masimo over recently added disclosure requirements to its bylaws. The activist investor claims the additions are “draconian” and will potentially stifle activist efforts if upheld, writes Scott Deveau. Read More 


Fortune’s CEO Daily: Do Sustainability Goals Trump Financial Performance? 

Alan Murray continues to search for evidence suggesting companies are backtracking on ESG commitments amidst the turbulent market and political environment. Read More  

Harvard Law School Forum on Corporate Governance: How Much do Investors Care About Social Responsibility? 

A recent study by professors Kobi Kastiel, Scott Hirst and Tamar Kricheli-Katz indicates that there is no clear consensus on whether social responsibility plays a significant role in investment decisions, but that political polarization is a likely driver of divided investment preferences. Read More 

The Deal: Paying a Financial Price for Climate Change 

Ronald Fink reports on findings from NYU Stern School of Business study indicating that increasing global temperatures and failure to get ahead of climate risk correlates to higher company debt and expenses. Read More 


This week, the GPP team attended PRWeek’s 40 Under 40 Awards to celebrate Felipe Ucros’ recognition as a member of the 2022 40 Under 40 class. Given to professionals who demonstrate remarkable skills in PR and marketing, Felipe’s inclusion is a testament to his dedication and hard work for our firm and clients over the years.  


We promise this will be our final mention of anything spooky-related (unless you consider the Twitter-Elon deal frightening), but with Halloween fast approaching check out these events around the city. 


If you’re staying in this weekend, consider checking out the FT’s list of the best new business books, including CNBC’s Julia Boorstin’s new book, “When Women Lead” which chronicles the entrepreneurial spirit and determination displayed by some of the world’s most successful female leaders. 


  • Sue Gove has been named the CEO of Bed Bath & Beyond following four months as interim CEO. Read More 


  • Tony Fratto will join Goldman Sachs as Partner and Global Head of Corporate Communications. Read More  


  • Sara Fischer will join CNN as an on-air contributor to discuss the media industry. She will continue in her role at Axios, including authoring her weekly Media newsletter. Read More   

  • The Wall Street Journal has hired Bob Henderson as a Financial Markets Reporter. Read More 


November 8-9, 2022: Berkeley Forum on Corporate Governance 

November 8-9, 2022: Harvard Corporate Governance Roundtable 

November 30, 2022: DealBook Summit  

December 7, 2022: Bloomberg Sustainable Business Summit 

December 13-14, 2022: Yale CEO Summit 

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