Published , by TJ Denzer
Published , by TJ Denzer
It would appear that Elon Musk is finally moving to close the deal to acquire Twitter this week. The Tesla and SpaceX CEO signaled to investors and lenders that he is prepared to close the deal by Friday, October 28. This was the deadline for which he was expected to close the deal or face a further court date with Twitter in November 2022. By meeting said terms, Elon Musk will avoid further time in court against Twitter and officially take over ownership of the company.
Elon Musk pledged to close the deal with Twitter in a video call with bankers and investors this week, as reported by Bloomberg. Furthermore, CNBC financial journalist David Faber reported that equity invesotrs in Elon Musk’s corner have received paperwork in preparation to close the deal.
“It’s another sign deal is on track for Friday close,” Faber tweeted.
If Elon Musk does close the Twitter acquisition as expected by Friday, October 28, it would meet the court-ordered deadline for the deal to be finished. If not sooner, Musk risked facing another court date with Twitter in November for his attempts at having tried to back out of the deal.
Elon Musk appears to have lofty plans for the Twitter takeover, having since reasserted his intention to close the deal. With his renewed stance, Musk has signaled that Twitter will become a part of bigger plans he has, though what these plans entail is still anyone’s guess. One concerning matter is that Musk has shared intention to layoff a large portion of Twitter employees. Though the company has denied these rumors, there’s no telling what happens once Musk has the reins.
With the deal set to go through by Friday, it remains to be seen if there will be any further snags on the way to Elon Musk’s final acquisition of Twitter. Stay tuned as we watch for further updates throughout the week.