Ahead of the deadline for takeovers, Elon Musk visits the Twitter headquarters

Prior to a court-ordered deadline to complete his $44 billion acquisition for the social media network, billionaire Elon Musk claimed he paid a visit to Twitter Inc.’s (TWTR.N) San Francisco headquarters on Wednesday.
Musk tweeted a video of himself entering the Twitter headquarters while holding a sink in his hands, with the description, “Entering Twitter HQ – let it sink in!”

He had updated his profile’s bio to read “Chief Twit” hours before, giving the impression that he was the company’s top executive.

Musk will visit the San Francisco office this week, Twitter said, although it chose not to elaborate.

Banks have begun transferring $13 billion in cash to support Musk’s acquisition of Twitter, indicating that the transaction will close by the end of the week, according to the Wall Street Journal, which cited people familiar with the situation.

The cash will be made available for Musk to complete the purchase by the Friday deadline once all closing requirements have been satisfied, the article said.

When approached by Reuters about the claim, Bank of America and Barclays declined to comment, and Morgan Stanley did not immediately reply to a request for comment.

Twitter initially resisted the deal by implementing a poison pill, and later sued the richest man in the world after he announced plans to abandon the offer due to concerns about spam accounts on the platform. This dramatic back-and-forth has lasted six months since Musk announced his $54.20 per share bid.

Earlier this month, Musk suggested moving forward with his initial $44 billion offer in exchange for a stop to Twitter’s legal action.

According to Reuters, the Tesla Inc. (TSLA.O) CEO informed co-investors who agreed to help fund the Twitter acquisition that he hopes to close it by Friday. View More

According to Reuters, Sequoia Capital, Binance, Qatar Investment Authority, and other equity investors have received the necessary papers from Musk’s lawyers for the finance promise.

In extended trading, Twitter stock was up around 1.1% at $53.91—a little less than Musk’s bid price.

Be the first to comment

Leave a Reply

Your email address will not be published.


*