Musk to close Twitter acquisition this week
Musk's acquisition of Twitter, which lasted up to six months, may be settled this week.
On October 26, local time, Musk posted a video on Twitter, which attracted widespread attention. In the video, he walked into the Twitter headquarters with a sink in his hands, and wrote, "Into the Twitter headquarters. Think about this thing (let that sink in)”. let that sink in is an English colloquial expression idiom. Musk is expected to speak to Twitter employees on 28 local time, the deadline for his acquisition of Twitter, the report said.
At the same time, the billionaire also changed the personal description on his Twitter profile to "Chief Twit" and his address to "Twitter HQ."
Musk promised to close the Twitter acquisition by Friday during a video conference call with bankers who helped finance the Twitter deal.
The bank that provided Tesla with $13 billion in debt financing has finalized a credit agreement and is now signing documents, one of the final steps before handing over cash to the Tesla CEO, the report said.
After the news came out, Twitter's stock price accelerated in midday trading on Tuesday and rose to $53.16 at one point, a new intraday high since April 5. It rose about 3.2% within the day and finally closed up 2.45%, refreshing last Thursday's record of 11 last year. The closing high since the 15th.
In April of this year, Musk announced the acquisition of Twitter for a total price of $44 billion and a price of $54.20 per share, which aroused heated social debate for a while, and Twitter’s stock price also climbed 5.7% to $51.70 on April 25. But then Musk changed his mind and announced the termination of the acquisition on July 8, citing Twitter falsely reporting the number of spam and fake accounts on the platform, intending to withdraw from the deal. This summer, Twitter filed a lawsuit against Musk, who then countersued.
Ultimately, the deal came to an end in October, and on October 5, Musk had proposed to complete the Twitter acquisition on terms he had initially agreed to. Musk tweeted on the same day that the acquisition of Twitter would help speed up the creation of the universal app "X". Musk has previously hinted that the X.com name would apply to a social media company he might create if the Twitter acquisition doesn't go through. Musk said Tuesday that acquiring Twitter could speed up the effort by three to five years.
But at the same time, many Twitter employees are uneasy about the prospect of an acquisition, according to media reports. Musk told potential investors he planned to cut 75% of Twitter’s workforce, a person familiar with the matter said last week, and another source said there have been growing concerns about mass layoffs or another restructuring in the near term.