The whole drama between Twitter and Elon Musk is coming to an end: Elon could be about to buy the social media platform as soon as this Friday.
On October 24, CEO Elon Musk confirmed in a video conference with a group of bankers that he is set to close the Twitter acquisition on Friday, October 28.
Banks have provided $13 billion in financing to the electric car mogul to complete the purchase, which is currently in the final stages of paperwork, according to sources interviewed by Bloomberg.
Wall Street lenders have been preparing for weeks in anticipation of the sale. The court handling the case on Twitter has set October 28 as the last day to close the purchase.
Following the news, shares of Twitter began to rise, approaching the agreed-upon purchase price as the two sides began negotiations.
Why are Twitter purchases delayed?
Elon Musk hesitates in the Twitter deal because he realizes that there are more bots than Twitter is publicly reporting. This annoyed him so much that he wanted to stop negotiating.
At the time, Elon Musk acquired a 9.2% stake in Twitter; however, he refused to buy the entire company until Twitter revealed the actual number of bots on the platform and proved that less than 5% of users’ accounts were fake.
But the Twitter board decided to sue the billionaire, asking a Delaware court to order the settlement after accusing Musk of using a “hypocritical” strategy to cancel the purchase. In a fiery legal complaint, Twitter noted that Musk’s actions could harm shareholders’ interests:
“After mounting a publicity stunt to get Twitter into the game, and having proposed and subsequently signed a seller-friendly merger agreement, Musk clearly believes he — unlike every other party — is in compliance. under Delaware contract law – be free to change your mind, trash the company, disrupt its operations, destroy shareholder value and walk away,”
After learning of this news, Elon Musk posted a tweet pointing out the irony of Twitter because initially, the board tried to boycott his attempt to buy the company, but eventually tried to force it. make weekly purchases after recommendation.
Elon Musk will pay the same amount he originally agreed to
As reported by CryptoWallCity, there has been some white smoke between Musk and Twitter following a legal dispute. Elon Musk has agreed to go back to his original plan of buying the social network for $44 billion at $54.20 per share to turn Twitter into a “digital town square.”
On top of that, the billionaire promises to clean up the platform from all his bots, along with a host of changes, especially in the area of microtransactions.
All of these promises reached the ears of crypto celebrities, such as the CEO of Binance, who joined him to help buy Twitter. Even Sam-Bankman Fried, CEO of FTX, said he was interested in discussing how Twitter can use blockchain technology to improve its mission.
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