Elon Musk must close the Twitter deal by October 28 else action will be taken
CEO of Tesla Motors Elon Musk has notified co-investors, who committed to helping fund his $44 billion(approximately INR 3.6 lakh crore) acquisition of Twitter, that he plans to close his buyout of the social media firm by Friday (October 28), according to reports.
Social network company
- CEO: Parag Agrawal (29 Nov 2021) Trending
- Founded: 21 March 2006, San Francisco, California, United States
- Headquarters: San Francisco, California, United States
- Subsidiaries: Crashlytics, Twitter Asia Pacific Pte. Ltd., Gnip, MORE
- Founders: Jack Dorsey, Noah Glass, Evan Williams, Biz Stonea
The report said that Elon Musk will have to close the Twitter acquisition deal by 5 pm on Friday, otherwise, he will have to face trial in court. According to reports, Sequoia Capital, Qatar Investment Authority, Binance, and other investors have obtained the necessary documents for the acquisition-related action from Musk’s lawyers in this regard.
This step taken by Musk is the clearest sign so far that he is preparing to complete the deal by Friday. Earlier, the Delaware court had directed the deal to be finalized by 5 pm on Friday. If Musk will miss the deadline, he will face trial. As Bloomberg News reports, the banks that have pledged to fund Musk’s Twitter purchase have simultaneously completed the final debt financing agreement and are in the process of signing the necessary documents. Musk promised to close the deal during a video conference call on Monday (October 25) with bankers who are helping fund the deal, according to the report.
Big jump in Twitter share
After the arrival of this news, there was a jump in the share of Twitter. Social media platform shares were trading up three percent at $52.95 on Tuesday (October 25), close to Musk’s offer price of $54.20.Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which includes a $44 billion price tag and closing costs.
Elon Musk recently sparked controversy when he said he would lay off nearly two-thirds of Twitter’s employees if he took over the company. Employees have written an open letter protesting their threatening action. On the other hand, talking about the shares of Twitter, it has gone up to $ 52.91 after gaining 2.7 percent on Tuesday.
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