Elon Musk plans to close Twitter deal by Friday: Reuters

Image Source: Reuters

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

Written by Maya Robertson


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