FT News Briefing Game on for the biggest leveraged buyout
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Sep 30, 2025 Elon Musk faces a talent drain due to burnout and political strife. Meanwhile, Electronic Arts makes headlines with a $55 billion takeover backed by Saudi Arabia. Labour could break tax promises in the upcoming Budget, raising questions for voters. The euro's remarkable rally hints at sustained strength, driven by eurozone optimism and a weaker dollar, sparking discussions about its impact on inflation and the fate of dollar dominance. Big-league leveraged buyouts might signal a growing trend in M&A activity.
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Exodus From Musk's Companies
- Several senior executives at Tesla and XAI have left in the past year for startups, breaks, or due to burnout and politics.
- Former employees say Musk's fixation on rivals like Sam Altman and frequent pivots contributed to departures.
EA Buyout Reflects Saudi Ambitions
- Electronic Arts is being taken private in a $55bn deal led by Silver Lake, Affinity and Saudi PIF using heavy leverage.
- The transaction reflects PIF's strategy to deploy oil wealth into entertainment and pursue big, strategic bets.
Big, Bold M&A In A New Political Window
- Large deals this year have been unusually bold and big, reaching roughly $3tn in transactions by Q3.
- Dealmakers are seizing a perceived regulatory and political window to attempt acquisitions once considered unthinkable.