Home Business Elon Musk visits Twitter headquarters ahead of deal close deadline

Elon Musk visits Twitter headquarters ahead of deal close deadline


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Billionaire Elon Musk said on Wednesday he was entering Twitter Inc’s San Francisco office, days ahead of a court-ordered deadline to close his $44 billion deal for the social media platform.

“Entering Twitter HQ – let that sink in!” said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands.

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Hours earlier, he hinted at being the company’s top boss after updating his profile’s bio to “Chief Twit.”

Twitter confirmed Musk would visit the San Francisco office this week, but declined to comment further.

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The Wall Street Journal reported, citing people familiar with the matter, that banks have started to send $13 billion in cash backing Musk’s takeover of Twitter in a sign that the deal is on track to close by the end of the week.

Once final closing conditions are met, the funds will be made available for Musk to execute the transaction by the Friday deadline, the report added.

Morgan Stanley, Barclays and Bank of America did not respond to Reuters requests for comment on the WSJ report.

In the six months of dramatic back-and-forth since Musk announced his $54.20 per share bid, Twitter initially resisted the deal by adopting a poison pill and later sued the world’s richest man after he announced plans to abandon the offer on concerns about spam accounts on the platform.

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Earlier this month, Musk proposed to proceed with his original $44 billion bid, calling for an end to the lawsuit by Twitter.

The Tesla Inc CEO notified co-investors who committed to help fund the Twitter deal that he plans to close it by Friday, Reuters reported on Tuesday.

Equity investors including Sequoia Capital, Binance, Qatar Investment Authority and others have received the requisite paperwork for the financing commitment from Musk’s lawyers, Reuters reported.

Twitter shares were up about 1.1% at $53.91 in extended trading, slightly below Musk’s offer price. (Reporting by Eva Mathews and Juby Babu in Bengaluru; Editing by Devika Syamnath)



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