Twitter Deal Collapse Makes Musk a Hot Ticket at Sun Valley

Elon Musk

The collapse of Elon Musk’s Twitter Inc. deal has made the billionaire’s appearance at Allen & Co.’s Sun Valley Conference an even hotter ticket, reports Bloomberg.

Musk is still slated to appear and speak on Saturday, the final day of the event, people with knowledge of the matter said Friday. Some attendees who had planned on leaving the conference early are now extending their stays in order to listen to Musk, other people said, asking not to be identified. Musk did not respond to requests for comment.

Musk on Friday announced he’s scrapping his $44 billion bid to buy Twitter and take it private, alleging the company misrepresented user data. The decision sets the stage for an arduous court brawl. Minutes after the filing landed, the social media company vowed to fight back in court.

The marquee address is typically reserved for the likes of legendary investors such as Warren Buffett. What the Tesla Inc. and SpaceX chief executive officer plans to say to technology and media leaders at the annual retreat in Idaho couldn’t be determined, though attendees will be eagerly watching for any comments by Musk on the Twitter deal. Musk is due to speak late morning local time, the people said.

At the conference on Thursday, Twitter CEO Parag Agrawal didn’t respond to a question from Bloomberg on whether he’s worried about Musk walking away from the deal. Twitter Chief Financial Officer Ned Segal, also an attendee, said nothing when asked whether a report that the deal could fall apart is accurate.

Twitter Inc. shares dropped late on Friday after Elon Musk said he’s terminating the $44 billion agreement to acquire the social media company.

The stock fell as much as 9% in postmarket trading after a regulatory filing from Musk laid out his case for abandoning the deal. The news sent shares of Tesla Inc., the electric car maker that Musk leads, up as much as 3% while social media peers Snap Inc. and Pinterest slid about 1%.

Tesla Inc. shares rose late Friday after Musk said he’s walking away from his $44 billion bid to buy Twitter Inc., giving investors in the electric-vehicle company a measure of relief that its leader might be slightly less distracted.