Elon Musk Desires to Finalize the Twitter Deal by Friday
October 26, 2022 By Fakun Gram
(Image Credit Google)
According to Bloomberg, Elon Musk requested funds from private bankers to finish his funding to clinch the Twitter transaction, which he plans to do by Friday, Oct. 28, exactly on the deadline.
If Twitter is not purchased by the 28th, the Delaware court hearing will be held, and it will proceed to a protracted trial when all sides will be required to present their arguments.
With this, Elon Musk may borrow up to $13 billion to pay for his debt-financed acquisition of the social media business; the lenders have already completed the formal credit deal.
The private bankers are already in the process of signing the necessary documents since they wish to maintain their anonymity throughout this transaction.
According to sources cited by Reuters, South Korea's Mirae Asset Financial Group has also promised to support Musk with his purchase of Twitter by contributing $208 million to finish the money.
The deadline for Musk to buy Twitter is coming Friday, and current indications indicate that this will happen by that time, giving the firm the entire $44 million for a closed agreement.
There is a lot to be written about the Elon Musk and Twitter deal, which had a series of ups and downs, beginning with the tech CEO's decision to become the platform's largest shareholder and ending with his aspirations to buy the business.
Musk bought $3 billion worth of shares of Twitter, making him the company's largest shareholder at the moment.
The materials that were sent to the Musk team as part of the contract did not take into account differences in Twitter's bot count, which were noticed by the Musk team.
Before the tech CEO made up his mind to move forward with the purchase, it became the justification for pulling out of the agreement for a few months.
After a number of disagreements between the two sides, the Tesla founder asked to purchase Twitter once more, and the other shareholders and the board of directors approved his original offer of $44 billion to purchase the firm.
Before the Delaware trial begins, time is running out, and Twitter's team first gave Musk and his legal counsel the choice of purchasing the social media platform or facing charges.
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By Fakun Gram
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