🐦 Elon threatens to walk

…and Biden throws a lifeline to solar stocks [Disclosures](   And I think it’s gonna be Elon, ’Lon time (Theo Wargo/WireImage/Getty Images)   Yesterday’s Market Moves   Dow Jones 32,916 (+0.05%) S&P 500 4,121 (+0.31%) Nasdaq 12,061 (+0.40%) Bitcoin $31,481 (+5.29%) Dow Jones 32,916 (+0.05%) S&P 500 4,121 (+0.31%) Nasdaq 12,061 (+0.40%) Bitcoin $31,481 (+5.29%) Hey Snackers, The only thing [worse]( than forgetting your phone in a post-brunch cab: losing 500 grams of caviar. [Uber's]( annual lost-and-found index includes everything from a bucket of slime to a pizza costume and tater tots. Stocks started the week [slowly]( with all three major indexes narrowly closing the day higher as investors drank in May’s strong jobs numbers. Meanwhile, [bitcoin]( [continued]( to rebound after breaking its longest weekly losing streak on Friday. Birdcage Elon’s threatening to ditch his Twitter deal: it might be about buyer’s remorse, not bots Well, this is awkward… Elon’s stint as [Twitter’s]( new would-be owner could end before it begins. The Technoking’s [threatening]( to back out of his $44B deal to buy the social-media company if it doesn’t give him more detailed data about how many of its users are bots. But Twitter’s standing pat, saying it plans to “enforce” the merger as is. - Still on hold: Last month Elon [said]( the (legally binding) deal is on “hold” until Twitter proves its claim that fewer than 5% of daily users are bots. - Thwarts and all: In yesterday’s letter to the SEC, Elon’s lawyers said Twitter broke the deal first by “thwarting” Elon’s right to info, which they say gives him the right to bail. Bots are getting all the blame… but they’re just part of the story. Twitter really does have a bot problem: experts [estimate]( 10% of users are fake. But Elon has another big reason to back out of the deal: the price. - Clipped wings: Twitter’s stock has fallen 23% since the takeover was signed, which means Elon’s on the hook for $14B more than the company’s current market value. Analysts suspect his real goal is to pressure Twitter into renegotiating at a lower price. THE TAKEAWAY The law is on Twitter’s side… but time may be on Elon's side, if he’s willing to sit through a lawsuit. M&A experts say Elon has little legal ground to stand on, since he waived his right to inspect Twitter’s finances and signed a contract that forces him to follow through. Yet if Elon takes it to court, Twitter could get stuck in a pricey, drawn-out lawsuit that scares off employees, users, and investors. Twitter might decide to sell at a discount to avoid a legal battle with the world’s richest meme-lord. Heated Biden moves to boost solar-panel production during an industry slowdown, but the outlook for his larger clean-energy plan isn’t sunny Hit ’em with a DPA... President Biden is shining light on the solar industry with his latest executive actions. The White House has [authorized]( the Defense Production Act to rev up US manufacturing of solar panels and other clean-energy components. Refresher: the DPA lets presidents order companies to produce critical things in short supply (think: masks, baby formula). In this case, it’s energy: oil and gas supplies have been strained since Russia's invasion of Ukraine, so boosting renewables might help. - The White House also announced a two-year suspension of tariffs on solar panels imported from Cambodia, Malaysia, Thailand, and Vietnam — which together supply ~80% of America's solar products. - Why those tariffs were sweat-inducing: An ongoing federal investigation into whether those countries are using materials from China has stalled much of the US solar industry, which is worried about having to pay hefty retroactive tariffs. Hundreds of US solar projects have been scrapped since the probe began in March. Just add "sun"... Solar stocks like [Sunrun]( [SunPower]( [SolarEdge]( and [Enphase Energy]( [spiked]( yesterday as investors welcomed the tariff suspension, which the solar industry had been lobbying for. But not everyone’s thrilled: US manufacturer First Solar and others that weren't directly threatened by the investigation said the suspension was a loss for American manufacturing. First Solar sank 4%. THE TAKEAWAY Solar needs an energy injection… After Biden got elected, there was optimism that the Dems would incentivize federal and private solar spending. That sunny vision died last year when Biden’s Build Back Better bill, which [featured]( $500B+ in climate-related spending, stalled in Congress. Fewer than 5% of US homes use solar energy, and installation prices have [risen]( as trade policies caused uncertainty and supply constraints. Cutting tariffs is a roundabout way to revive renewables. What else we're Snackin' - [iOS]( [Apple]( unveiled software updates for the iPhone, iPad, Watch, and Mac at its annual developer conference, plus a pair of new laptops. Not mentioned: any updates on its long-awaited mixed-reality headset. - [Slice]( [Amazon]( shares spiked 4% on the first trading day after its 20-for-1 stock split. The Zon got shareholder approval to split shares back in March to make the stock more accessible for retail traders. - [Woo]( [JetBlue]( sweetened its takeover bid for [Spirit]( by adding $150M to the breakup fee, plus a cash dividend. Spirit shareholders will weigh in on the original takeover bid from Frontier at a meeting this Friday. - [Scuffle]( StockX is fighting back against a [Nike]( lawsuit that accused the online marketplace of selling counterfeit sneaks. StockX says it spends millions to authenticate the kicks sold on its platform. - [Hope]( A small cancer-drug trial reported “unheard of” results after all 18 patients went into total remission. They suffered from a rare form of rectal cancer that was treated with a new therapy from [GlaxoSmithKline](. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Of all the living mammals on Earth — including humans — about 60% are livestock [Read more]( Tuesday - California primary election. Earnings expected from JM Smucker, Smartsheet, Dave and Buster’s Entertainment, and Cracker Barrel Authors of this Snacks own: bitcoin and shares of Apple, Amazon, Twitter, and Uber ID: 2233159 Robinhood Snacks newsletters reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. 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