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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’s Gamble: Imagining Tesla Stock Judgment Day

Elon’s Gamble: Imagining Tesla Stock Judgment Day

Get 1 free articleSIGN UPApril 27, 2022Since 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...

Apr 27
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The Iger Intrigue

The Iger Intrigue

Get 1 free articleThe EditorsNovember 26, 2022The following is a lightly edited transcript of our Nov. 22 conference call for Inner Circle subscribers, Puck’s highest tier of membership, featuring Matthew Belloni, Dylan Byers, and William D. Cohan, discussing the Disney board’s smoke signals, Iger’s potential M&A playbook, the emerging succession prediction market, and more. To join our next off-the-record live session, upgrade your membership here.Ben Landy: Matt, I want to start with the shock level in Hollywood as this news broke last weekend. You noted in recent weeks that there...

6 days ago
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Elon Sharpens His Vampire Teeth

Elon Sharpens His Vampire Teeth

Get 1 free articleSIGN UPApril 24, 2022Now 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 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 soon, probably early this coming week. It won’t be true, of course. His $43 billion offer for...

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

Elon’s Church Plate & Cathie Wood’s Downfall

Get 1 free articleSIGN UPMay 8, 2022Elon 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 itself; margining some $60 billion of stock in another company; and finally going hat-in-hand to friends and investors to find a large portion of $21 billion of additional equity. But that’s exactly...

May 8
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Why Buffett Put the Screws to Goldman

Why Buffett Put the Screws to Goldman

Get 1 free articleSIGN UPMay 4, 2022A couple of weeks ago, in correspondence with me, Warren Buffett wrote that he would answer 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...

May 4
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The Great Biden Recalculation

The Great Biden Recalculation

Not long ago, in a politically carnivorous riverside town known as D.C., elite liberals seemed ready to shiv their unpopular president into retirement—gossiping to the Times about his age, making wan public statements of enthusiasm, preemptively knifing him over the midterms. But with renewed momentum, the worm has turned. Not two months ago, the palms of Democratic insiders were dripping with midsummer mid-Atlantic marshmallow-sized beads of sweat. Joe Biden’s approval numbers had fallen to the lowest level of his presidency, 38 percent—a Trumpian danger zone—and a New York Times showed...

Sep 8
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Notes on Zaz Rule and CNN+’s Debut

Notes on Zaz Rule and CNN+’s Debut

Get 1 free articleSIGN UPMarch 30, 2022On 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 clandestine search for his successor, which ultimately led to the hiring of Chris Licht. Morse, who had been considered a contender for the top job on CNN’s greasy pole, did not betray any signs of frustration, angst, or even anxiety. Instead, he sounded like the...

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

Get 1 free articleSIGN UPApril 26, 2022Truth 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...

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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Dylan Byers

Dylan Byers

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William D. Cohan

William D. Cohan

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Teddy Schleifer

Teddy Schleifer

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Tara Palmeri

Tara Palmeri

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