A freestanding molecular wire is placed vertically on Au(111) using a platform molecule and contacted by a scanning tunneling microscope. Despite the simplicity of the single-molecule junction, its conductance G reproducibly varies in a complex manner with the electrode separation. Transport calculations show that G is controlled by a deformation of the molecule, a symmetry mismatch between the tip and molecule orbitals, and the breaking of a C≡C triple in favor of a Au─C─C bond. This tip-controlled reversible bond formation or rupture alters the electronic spectrum of the junction and the states accessible for transport, resulting in an order of magnitude variation of the conductance.