Elon Musk Tells Bankers That $44B Twitter Deal Will Close on Friday

Vignesh Karunanidhi
Elon Musk Reclaims Title as World's Richest Person
Source: Adweek

The much-awaited Elon Musk-Twitter deal is reportedly about to close this week. The information was conveyed to the debt bankers by Musk in a video conference. As per the details from people close to the matter, the deal is likely to close by Friday.

The $13 billion debt has been finalized by the banks. The details imply that the only thing left to do is to sign the papers. According to people familiar with the matter, this will be the final stage before the funds are given to Musk.

Elon Musk-Twitter deal to close before October 28 deadline

According to the details conveyed to the banks by Elon Musk, the deal will close before the court-provided deadline of October 28. The banks handling the debt will receive a borrowing notice on Tuesday. According to people familiar with the matter, the cash is expected to be held in escrow on Thursday.

The financial and technology industries are very interested in Elon Musk’s purchase of Twitter. Tesla’s CEO made the decision to back out of the $44 billion acquisition bid for the social networking site public on July 9.

Musk is a devoted supporter of Twitter and an engaged user who frequently uses social media sites to express his ideas. Musk decided to change his mind after it was stated that the social media giant failed to uphold its contractual obligations. Elon Musk claims Twitter provided false information regarding spam bots on the platform.

In response, Musk was sued by Twitter for pulling out of the acquisition. The deal was reportedly struggling to come to a final acquisition agreement; the sources revealed that the deal was struggling due to debt financing issues. The recent report is a piece of evidence that Musk has overcome the struggles involved with this acquisition. The Twitter fan base is looking forward to the Twitter takeover by Musk.