i dont remember who said it but isnt there a famous adage in the accounting world that its not a smart idea to get tax credits by making actual real losses. You're supposed to find ways to make book losses without actually lighting real money on fire

That's why companies pay for acquisitions or mergers primarily in stock. It keeps cash reserves available for other uses. If the acquisition flops, you can write down the value, take a hit on the income statement, and lower your tax owed for the year.

That is why sellers do not always agree to accept stock instead of cash.

When in the "billions" range, the deals are going to be light on cash. That's how Adobe can "pay" $20bn for Figma using stock.

I believe twitter was an all cash transaction.

https://www.sec.gov/Archives/edgar/data/876661/0000876661220...

> The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022. Each share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, without interest and less any applicable withholding taxes.