Elon Musk wants out of Twitter for the obvious reason. The deal was becoming a big financial loser for him, even a danger to his entrepreneurial ambitions. Twitter is looking less appealing as a turnaround project. The Tesla shares he would have to sell to complete the purchase are plummeting. The economy is headed into deep waters.
It’s not entirely irrelevant that the $8.5 billion he already sold (after Tesla shares had dropped almost $200) now looks like an advantageous trade given Tesla’s further decline. Now he’s supposed to surrender this highly useful cash to buy Twitter shares on even more disadvantageous terms? No thanks.