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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.
ESG:
- 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:
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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
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