- Closing is expected to occur on Friday as per reports.
- The banks have completed finalizing the $13 billion loan.
Elon Musk’s alleged impending acquisition of Twitter is gaining momentum. Musk held a video call with the debt bankers to share the news. According to the information provided by those involved in the transaction, a closing is expected to occur on Friday.
The banks have completed finalizing the $13 billion loan. The specifics suggest that at this point all that is required is to put pen to paper. This, say those with knowledge of the situation, is the last step before the money is transferred to Musk.
$44 Billion Deal
Elon Musk has informed the banks that the transaction will conclude before the October 28 date set by the court. A notice to borrow will be sent to the institutions managing the debt on Tuesday. A sum of money is scheduled to be placed in escrow on Thursday, according to sources.
Elon Musk’s acquisition of Twitter has piqued the curiosity of the banking and tech sectors. On July 9, Tesla’s CEO publicly said he will not be making a $44 billion takeover proposal to acquire the social networking site.
Musk is an avid Twitter user and regular social media user who shares his thoughts and opinions via these channels. Due to claims that the social media behemoth had not fulfilled its contractual commitments, Musk changed his mind. According to Elon Musk, Twitter misled him about spam bots on the platform.
Therefore, Twitter decided to take legal action against Musk for abandoning the transaction. According to the sources, the project was failing to reach a formal purchase agreement because of debt finance concerns. The latest news shows that Musk has managed to get over the difficulties of this purchase. Those who use Twitter are excited for Musk to take it over.
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