Maya Robertson
Elon Musk has informed co-investors who have pledged to fund the $44 billion Twitter acquisition that he plans to close the social media company acquisition by Friday, to comply with a Delaware court judge’s deadline, someone familiar with the matter told Reuters.
The source added that equity investors including Sequoia Capital, Binance, Qatar Investment Authority, which will pitch in with $7.1 billion, and others have received the requisite paperwork for the financing commitment from Musk’s lawyers.
According to Bloomberg, the banks, which are providing $13 billion of debt financing, have completed putting together the final credit agreement and are in the process of signing the documentation. The banks are expected to receive one of the last formalities — a borrowing notice — on Tuesday, and the cash is expected to be held in escrow on Thursday, the people familiar with the matter said.
According to the report, Musk promised to close the deal in a video conference call with bankers who helped fund the deal on Monday.
After months of trying to terminate it, in the first week of this month, Elon Musk proposed again to close the Twitter deal for $44 billion, the original price he agreed to pay for the acquisition of the social media company in the first place.
The Full Story
April 14, 2022: Elon Musk offers to buy rest of Twitter for $43 billion
April 25, 2022: Twitter accepts Elon Musk’s $44 billion takeover offer
May 13, 2022: Elon Musk declares Twitter deal “temporarily on hold”
May 17, 2022: Elon Musk says Twitter deal can’t move forward till the company is clearer about fake accounts
June 6, 2022: Elon Musk threatens to end Twitter deal, accusing the company of not providing information about spam and fake accounts
July 12, 2022: Twitter sues Elon Musk over attempt to abandon $44 billion takeover
August 5, 2022: Elon Musk accused Twitter of fraud in countersuit filed in Delaware
August 24, 2022: Musk sent his second termination letter in late August citing the claims of whistleblower Peiter Zatko
September 9, 2022: Musk sent the third termination letter in early September accusing the company of violating the terms by paying the whistleblower $7 million to keep him ‘’quiet”
September 12, 2022: Twitter said Musk’s third termination notice is invalid
October 5, 2022: Elon Musk offers to buy Twitter for the original price, again
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