The commitment is pretty solid (though, of course, so is Musk’s, and he’s spent the last six months trying to wriggle out of it). Plus, Morgan Stanley has franc

The commitment is pretty solid (though, of course, so is Musk’s, and he’s spent the last six months trying to wriggle out of it). Plus, Morgan Stanley has franchise and reputational risk to consider - if they try to walk on the debt, the next time one of their clients goes to a seller with MS committed financing, that’s going to severely disadvantage that bid (at least for the next couple of years - memories are short and people tend to forget these things). And yes, Twitter would absolutely still pursue Musk in that scenario. A buyer doesn’t get to intentionally blow up his committed financing and win the day by using the Shaggy defense.