What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
Elon Musk, the world’s richest man, sent the Twitter world into a tizzy as he appeared to have confirmed his $44 billion deal to acquire the micro-blogging site would finally happen.
In what appeared to be a confirmation that his $44 billion bid to acquire the microblogging site would actually go through, Elon Musk, the richest man in the world, drove the Twitter community into a frenzy.
Musk, who is known for his erratic behaviour, initially updated his Twitter bio to “Chief Twit.” The action seems to have validated rumours that he will, by Friday’s court-mandated deadline, confirm his purchase of Twitter.
An hour later, Musk tweeted a video showing himself at the microblogging site’s San Francisco offices holding a sink, which stoked further rumours. “Entering Twitter HQ – let it sink in,” he wrote as the video’s caption.
According to a report by Bloomberg, Elon Musk earlier informed the banks that are helping to partially finance his deal that he intended to complete the Twitter acquisition by Friday, the deadline established by a Delaware state court judge.
In April, Twitter agreed to accept Musk’s offer to take the company private. Musk, though, pushed for the agreement to be cancelled. It led to the scheduling of a trial for October to decide whether the agreement would be finalised.
But after Musk wrote to the company to say he’d proceed with the sale, the trial was delayed.
The Washington Post reported that Musk intended to lay off three-fourths of Twitter’s workforce.
Bloomberg claims that Musk revealed the information to the bankers during a Monday video chat. According to reports, Morgan Stanley, Bank of America, and Barclays are the deal’s main financiers. Each has reportedly agreed to provide at least $2.5 billion in debt financing for the deal.
According to reports, Musk obtained $12.5 billion in bank loans, with the remaining funds coming from his cash, which has increased as a result of the sale of Tesla shares, and a wide range of equity investors, including billionaires Marc Andreesen and Larry Ellison as well as Qatar’s sovereign wealth fund.
