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Elon Musk expected to strike Twitter deal by Friday: report


Elon Musk pledged to complete the deal during a videoconference on Monday.

San Francisco:

Elon Musk has told co-investors who have pledged to help fund his $44 billion acquisition of Twitter Inc that he expects to complete his takeover of the social media company by Friday, according to a person familiar with the case.

Equity investors including Sequoia Capital, Binance, Qatar Investment Authority and others have received the required documents for the funding commitment from Musk’s attorneys, the source added.

The move is the clearest sign yet that Musk expects to meet the deadline set by a Delaware court judge to close the deal by Friday.

The banks that committed to fund Musk’s takeover of Twitter have finished setting up the final debt financing deal and are in the process of signing the necessary paperwork, according to a report from Bloomberg News.

Musk pledged to complete the deal during a Monday videoconference with bankers who are helping fund the deal, according to the report.

Twitter declined to comment. Musk’s attorneys weren’t immediately available for comment.

Shares of Twitter jumped on the news and were trading up 3% to $52.95 on Tuesday, closer 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 covers the $44 billion price and closing costs.

Banks including Morgan Stanley and Bank of America Corp have pledged $13 billion in debt financing to support the deal.

Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will contribute $7.1 billion.

Completion of the deal will end months of speculation that the erratic entrepreneur would abandon the takeover.

Musk presented himself as an advocate for free speech and criticized Twitter’s approach to monitoring violent or hateful content, which led to the banning of many prominent conservative voices.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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