Elon Musk will close the Twitter deal this week
Important takeaways
- Elon Musk told his financial backers that he may end the deal with Twitter by Friday.
- The news comes just 21 days after Musk publicly renewed his buyout offer.
- Musk recently claimed he would cut Twitter staff by 75%.
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Elon Musk will reportedly be the new owner of Twitter by Friday.
Musk will soon own Twitter
Elon Musk’s Twitter deal might actually happen this time.
According to Bloomberg, Musk said yesterday during a video conference that his acquisition agreement with Twitter would be finalized on Friday 28. October.
Musk’s conference call was with the banking institutions that provided financing for the acquisition. Musk is reportedly opening a $13 billion line of credit from them.
The Tesla and SpaceX CEO renewed his Twitter buyout offer on Oct. 4 at the original agreed-upon price of $44 billion; the company accepted shortly afterwards. The new agreement, which was set on the same terms as the previous one, came after months of turmoil between both parties. Musk had previously accused Twitter of lying about its user numbers, urging the company to prove that less than 5% of its user accounts were fake, and eventually backed out of the deal. In return, Twitter sued Musk for breach of contract, asking for $1 billion in fines.
Musk is reportedly planning to dramatically cut Twitter’s workforce, from around 7,000 employees down to 2,500, which would be a 75% cut. The billionaire stated in the latest Tesla earnings call that he “obviously overpaid” for the social media giant, but that the company’s long-term potential was an “order of magnitude greater” than its current form.
While Musk has yet to comment on the latest news, he has repeated his intention yesterday in a Twitter post for the social media platform to take a different approach to content moderation and censorship. “Twitter should be as broadly inclusive as possible, serving as a fair forum for lively, if sometimes hurtful, debates between widely divergent views.” And when a Dogecoin enthusiast asked if he could just make the platform more fun, Musk black with the “100” emoji.
This is a riveting story that will be updated as more details emerge.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other crypto assets.
