Musk's take private of TWTR is a unique situation, but we do believe the pullback in Internet valuations over the past several months lends itself to potential M&A activity in our space. As we highlighted previously, we see PINS, PTON, WIX, GDDY, and TRIP as potential M&A targets within our coverage." JMP's Andrew Boone: "With ~85% of Twitter's revenue generated through brand advertising and as free speech is a priority for Mr. Musk, advertisers may shift budgets to other channels given brand safety concerns.