Elon Musk could close his £36 billion (R749 billion) Twitter deal this week, say sources.
The 50-year-old billionaire alerted the investment cohort helping him acquire the microblogging site that he intends to seal the deal by the end of the working week.
According to Bloomberg, the equity investors – which include Sequoia Capital, Biance, and Qatar Investment Authority – have got their hands on the paperwork from the Tesla founder’s legal team.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
According to the news outlet’s source, the banks involved have finalised the debt financing agreement and are working on signing it all off.
This development implies Elon will follow the order issued by a judge in Delaware to actually follow through with the purchase.
The SpaceX founder vowed to seal the deal during a video conference meeting with bankers on Monday, October 24.
Doubts had been cast over whether Elon would actually go through with the deal – which he initiated in April and has a $1 billion break clause – as he had expressed reservations over Twitter’s truthfulness about the number of bots the site hosted, which led its share price to tank.
However, the social media giant – which is led by CEO Parag Agrawal – took the entrepreneur to court to force him to comply with finishing what he started. In addition, a series of leaked text messages highlighted the strain in their relationship.
Elon is believed to want to restore “free speech” to the site, including hinting he would restore the former US president Donald Trump’s posting rights – which he dubbed the “digital town square”.
In spring, he said: "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Elon later posted on Twitter about the prospect of “X, the everything app”, which is thought to be modelled on the Chinese service WeChat.
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