- Elon Musk told funders he could close a deal with Twitter by Friday.
- The news comes just 21 days after Musk officially updated its acquisition offer.
- Musk recently claimed to cut Twitter staff by 75%.
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Elon Musk is reportedly set to become Twitter’s new owner by Friday.
Musk will soon own Twitter
Now, Elon Musk’s Twitter deal could actually happen.
according to bloombergMusk said in a video conference call yesterday that the acquisition deal with Twitter will be completed on Friday, October 28th.
Mr. Musk’s conference call was with a financial institution funding the acquisition. Musk is reportedly opening a $13 billion line of credit from them.
CEO of Tesla and SpaceX renewal His Twitter takeover offer on Oct. 4 was at the initial agreed-upon price of $44 billion. The company accepted shortly thereafter. The new deal, set to the same terms as the previous deal, comes after months of turmoil between the two parties. It demanded that the company prove that less than 5% were fake, and eventually dropped the deal. In return, Twitter sued his Musk for breach of contract and sought a $1 billion fine.
Musk is reportedly planning to slash Twitter’s headcount from about 7,000 to 2,500, a cut of 75%. The billionaire “clearly overpays” for the social media giant on Tesla’s recent earnings call, but the company’s long-term potential is “orders of magnitude greater” than it is in its current form. It’s big,” he said.
Musk has yet to comment on the latest news, but repeated In a Twitter post on the social media platform yesterday, he expressed his intention to take a different approach to content moderation and censorship. “Twitter should be as inclusive as possible and serve as a fair forum for lively, sometimes hostile, debate between widely disparate beliefs.” When asked if the platform could be made more fun, Musk said answered With the “100” emoji.
This is breaking news and will be updated as more details become available.
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and several other crypto assets.