As we all remember, Elon Musk broke the internet not that long ago. That was when he put in a bid to buy Twitter (TWTR) for $43 billion.

Since then, the world has watched with bated breath as he and the platform have gone head-to-head in a pretty public purchasing process.

That included Musk immediately evoking the ire of some by promising to promote freedom of speech on the platform – right down to reinstating provocateurs like former President Donald Trump.

Twitter employees reacted with rage, even threatening to quit.

Musk also ran an audit to weed out the bots and fake accounts, which he believed hadn’t been properly or even honestly disclosed. And while he made several comments via Twitter about that issue, he continued to make his acquisition intentions clear.

Until now.

Just yesterday, Musk made a very public threat to pull his deal through an official letter to Twitter’s top brass. In it, he accused the social media site of denying his data request.

The Wall Street Journal wrote:

“Mr. Musk’s latest letter is his clearest statement that he may abandon the deal, potentially spurring what could be a protracted legal battle between the two sides. As part of the deal, both sides agreed to pay each other a $1 billion breakup fee if they cause the deal not to happen for certain reasons. But specific scenarios must unfold for those to become relevant. Twitter could also sue to force Mr. Musk to go through with the transaction.

“There are only specific scenarios under which Mr. Musk would be able to simply pay the termination fee to walk away from the transaction, including if regulators try to block the deal or the debt financing falls through.”

This $43 billion acquisition was always expected to be a hot mess, and so it is. In fact, the fact that Twitter tanked merely 3% on the news could be a testament to investors’ suspicions about the deal ever actually closing.

For now, it seems Musk has the upper hand. But I suppose that does depend on whether he actually wants to own Twitter anymore. If he does, it has to be pretty frustrating that his requests for further information are being stymied.

More Non-REIT News to Know About

With growing tensions around unionization and a post-pandemic slump, Starbucks (SBUX) is looking outside for new leadership.

After the departure of former CEO Kevin Johnson, founder Howard Schultz has once again stepped into the coffee company’s executive cockpit to direct a nationwide search.

CNBC says:

“Despite speculation from analysts and investors, Schultz has publicly denied that he plans to stay in the chief executive spot long term. The company’s board said Monday that it is on track to name a successor this fall. Schultz will stay on as interim CEO through the first quarter of the company’s fiscal 2023, which is around the end of the calendar year.”

Whoever assumes this office certainly has their work cut out. Schultz has been battling the union push with an aggressive campaign against it. The movement has cost the company’s stock 13% since his return.

I can’t imagine what it must be like to create one of the world’s most celebrated companies only to struggle against your own employees at the end of your career. I’m not saying I agree or disagree with his efforts…

Only that I hope I can still get my favorites after all this is said and done.

The World According to REITs

Plymouth Industrial REIT (PLYM) owns and operates single- and multi-tenant industrial properties. These include distribution centers, warehouses, light industrial facilities, and small bay industrial properties.

The real estate investment trust announced a killer acquisitions list yesterday that it plans to elaborate on tomorrow during Nareit’s REITWeek conference.

Jeff Witherell, Plymouth’s CEO and co-founder explained:

“The leasing results continue to exceed our expectations with strong volume of leases signed already during the quarter, double-digit increases in rents and more leases anticipated in the coming weeks. The $48.9 million in acquisitions we completed extend our footprint in existing markets and help us enter the Carolinas for the first time with a blend of stabilized and value-add opportunities.”

Leases starting this quarter through May 31, 2022, totaled 1,077,234 square feet – all of which are associated with lease terms of at least six months.

Plymouth also extended its portfolio by five properties this quarter, totaling 464,449 square feet for a total of $48.9 million. These include:

• A 76,485-square-foot multi-tenant industrial building in St. Louis
• A 78,743-square-foot, multi-tenant industrial building in Chicago
• 2 industrial buildings totaling 154,000 square feet in Cincinnati
• A 155,220-square-foot single-tenant industrial building in Charlotte.

It’s safe to say that Plymouth is showing up to REITweek 2022 with one powerful portfolio!