Still guesswork, Elon and Twitter deal may get closed by Friday.
According to a new report from Bloomberg, Musk yesterday informed banks that are helping with the financing of $44 billion for the Twitter acquisition, that he plans to close the deal by Friday.
The Bloomberg report says –
“The banks, which are providing $13 billion of debt financing, have finished putting together the final credit agreement and are in the process of signing the documentation, one of the last steps before actually sending the cash to Musk, said the people, who asked not to be named discussing a private transaction.”
It also said, “Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter.”
The news resulted in a rise in Twitter shares and was traded as high as $53.18 which is much closer to Musk’s acquisition price of $54.20.
Background of what Elon may close the Twitter deal by Friday
So can this be the end of 6 months long in-public & ugly takeover battle? But with Musk, nothing is certain. The billionaire was willing to get out of the deal a week earlier. However, after the court’s deadline of October 28th, this seems to be the final approach.
According to Twitter SEC filling a total of 7 banks are financing $13 billion. Here is the list:
To reiterate, Twitter’s total purchase price is $44 billion. The bank gets involved in providing the debt when investors marked it as a risky asset.
For users, Elon Musk promised to provide new subscription options, eliminate bots, and take all the steps to make Twitter awesome again. He even hinted to bring video monetization to users. Twitter does have this option but only for selected publishers. But as per his last Tweet, he is trying to make it “more like Tik-Tok”.
But what the world is most concerned or excited about is his new approach to make Twitter a ‘free speech platform.
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