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puck.news
The inside story at the nexus of power, money, and ego. Built in partnership with a team of elite journalists, Puck begins where the news ends.Source
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Elon Sharpens His Vampire Teeth

Elon Sharpens His Vampire Teeth

Elon’s consummation, Zaz’s looming target, Ackman’s about-face, and other pressing questions sliding into Wall Street’s DMs. Now that Elon Musk has told the world, in a filing with the Securities and Exchange Commission, that he has obtained up to $46.5 billion of financing commitments for his $54.20-a-share offer for Twitter, the next step for the Twitter board will be to formally reject his offer. The two sides are reportedly meeting today to re-examine Musk’s bid, the prelude, perhaps to a more aggressive negotiation. The offer is inadequate, the board will lament. Expect that response...

Apr 24
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Elon’s Church Plate & Cathie Wood’s Downfall

Elon’s Church Plate & Cathie Wood’s Downfall

A motley group of coinvestors could help Musk to reduce the risk he is putting on Tesla, but will require him to find even more equity to close his deal for Twitter. Plus: What Liz Warren gets right and where Cathie Wood went wrong. Elon Musk is slowly but surely filling his $21 billion hole. It’s actually pretty impressive, when you think about it, especially when you take into account the pie-in-the-sky projections he’s been peddling. There aren’t many among us who could personally buy a company that struggles to make money, for $44 billion, and then pay for it by mortgaging the company...

May 8
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Elon’s Gamble: Imagining Tesla Stock Judgment Day

Elon’s Gamble: Imagining Tesla Stock Judgment Day

Since about midday on Monday, much of the media, along with the extremes of our political spectrum, have been losing their collective lunch over what Elon Musk’s acquisition of Twitter will mean for Twitter, for open debate, for “free speech,” for Trump and Alex Jones and other disinformation artists, for Bezos and Gates, and so forth and so on. Sure, these are all valid questions pertaining to Musk’s decision to take Twitter private for $44 billion and to becoming its sole owner, at least until he can find some equity partners. But one key constituency has thus far been ignored, and, on...

Apr 27
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Why Buffett Put the Screws to Goldman

Why Buffett Put the Screws to Goldman

A couple of weeks ago, in correspondence with me, Warren Buffett wrote that he would answer my question about why he had decided to offer the odd number of $848.02 a share, in cash, for Alleghany, the big insurance company he just bought for $11.6 billion. Buffett, being Buffett, was obviously up to something. As it turned out, he didn’t want to pay Goldman Sachs’ $27 million investment-banking fee for advising Alleghany on the sale to Berkshire Hathaway. This was quite a turn of events, given that Goldman Sachs has long been Buffett’s preferred Wall Street investment bank. He invested $5...

May 4
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Notes on Zaz Rule and CNN+’s Debut

Notes on Zaz Rule and CNN+’s Debut

David Zaslav’s date with destiny—the endlessly anticipated consummation of Discovery and the WarnerMedia assets—is finally (finally) less than two weeks away. And yet the first major artifact of his tenure—the emergence of CNN+—is already in the market. Herewith, some notes from Hudson Yards. On Monday evening, Andrew Morse, the executive in charge of CNN+, offered some remarks at a launch party in Hudson Yards attended by top talent from the network and its about-to-debut streaming product. It was a refreshing moment amid a bewildering season beset by Omicron, Cuomo, Zucker, and a...

Mar 30
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Tales from the PayPal Mafia: Elon’s Hatchet Man & Thiel’s Test

Tales from the PayPal Mafia: Elon’s Hatchet Man & Thiel’s Test

Truth be told, incredible wealth doesn’t guarantee incredible power. Many billionaires, in fact, have no discernible impact on public life whatsoever. But when the world’s wealthiest man buys America’s most influential media platform? You betcha. The 0.001 percent are now personally capitalized for vanity projects far beyond mere yachts or sports franchises, such as taking control of a social network with the power to set the daily news agenda and inflame our most noxious cultural debates. Of course, Elon Musk didn’t do it alone. His public takeover of Twitter was facilitated in part...

Apr 26
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The Big One Is Here

The Big One Is Here

Get 1 free articleSIGN UPMay 11, 2022There’s no denying anymore that the financial markets are in the midst of the long anticipated correction. The smart money around Wall Street has shifted from debating the possibility of an economic downturn to the question of its duration, and depth, and the possibility of timing the bounce and maybe figuring out a way to make money from it. It stinks, I know. Many novice investors who piled into the high-growth stocks in 2020 have no historical memory of a bear market, let alone a period of high inflation. But the past is never dead, as Faulkner said....

May 11
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