“It’s funny money,” University of California, Los Angeles, Law School professor Andrew Verstein told The Wall Street Journal regarding Tesla CEO Elon Musk’s deal to merge his two private companies, X and xAI. “It’s like using Monopoly money to buy ‘Pokemon’ cards.”
The acquisition, which valued the combined company at a whopping $113 billion, broke Wall Street’s typical rules, with only one set of advisers working for both sides.
“In short, the unusual process resulted in a megadeal few public companies could get away with,” WSJ wrote.