Elon Musk Will Close The Buyout of Twitter By This Friday: Report

Musk is about to close the acquisition of Twitter by this Friday.
In the Monday Conference Call with the bankers, Musk pledged about his Twitter acquisition.

On October 24, 2022 (Monday) Elon Musk, informs the co-investors who are providing him money of debt financing that he is about the Twitter deal by this Friday, October 28, 2022. In a video conference call, the business magnate shared about it. However, the information is sourced from the people who have knowledge of the matter.

Elon Musk’s Twitter Saga

The so-called Twitter acquisition of Musk is projected around $44 Billion, with the help of Banks and Equity Investors. While, the banks are providing $13 Billion of debt finance and with the equity investors, Sequoia Capital, Binance, Qatar Investment Authority and others. All the documents are processed in its last stage when the Tesla Inc. The CEO will receive all the money from the investors. The unnamed sources revealed that the lawyer of Musk has sent the needed documents for this social media acquisition deal.

As per the source reports, Musk has pledged to offer $46.5 Billion in equity and debt financing for this so-called acquisition that will cover the $44 Billion price tag and closing costs. Moreover, the investing banks Morgan Stanley and Bank of America Corp. cimbinely investing around $13 Billion of debt financing and the equity investors , Oracle Corp will offer around $7.1 Billion.

Although, as per the Bloomberg report, all the investor banks which are funding the buyout of Twitter have ended putting together the final debt financing agreement and now further processing for the signing of all the necessary documents.

On the other hand, the social media platform, Twitter has not created any comment over this, yet. And the lawyer of Elon Musk also did not make any immediate comment.

Twitter Share Price Jump

After the following news, the share price of Twitter noted the hike. As on Tuesday (October 25, 2022,) after the news the share price of Twitter jumped by 3% at $52.95, which was close to the offer price of Musk of $54.20. However, the current share price of Twitter Inc is at $52.78.

In addition, on October 4, 2022 Musk is deserting his legal battle to back out of buying Twitter by offering to go through with his original $44 Billion bid for the social media platform, Twitter. The Tesla CEO made the offer in a letter to Twitter, in which he disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission. It must be noted that the offer came just two weeks before Twitter’s lawsuit seeking to force Musk to go through with the deal goes to trial in Delaware Chancery Court.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing