Elon Musk moving forward on Twitter deal, and might mean it this time
Elon Musk is reportedly planning to move ahead with the financing of his acquisition of Twitter, a deal that has been up in the air for months.
A fresh report reveals that Musk told his co-investors to prepare to fund his $44 billion acquisition by Friday, October 28.
Equity investors include Sequoia Capital, Binance, Qatar Investment Authority, and others, and they have received the necessary paperwork. A Delaware judge had ordered the deadline after Musk appeared in court on October 17.
Musk held a call on October 24 with bankers to provide $13 billion in debt financing, according to Bloomberg. He pledged to provide $46.5 billion in equity and debt financing, covering the acquisition price and closing costs.
The equity investors, which include Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will provide $7.1 billion.
In April 2022, Musk offered to purchase Twitter outright for $44 billion, at a price of $54.20 per share. A month later, he put the purchase on hold over a disagreement about spam accounts, demanding proof of claims by Twitter that fewer than 5% of users on the service were fake.
After threatening to walk away from the deal, Musk started the process to exit the deal in July. That same month, Twitter sued Musk to try to force him into buying the platform at the agreed price.
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A fresh report reveals that Musk told his co-investors to prepare to fund his $44 billion acquisition by Friday, October 28.
Equity investors include Sequoia Capital, Binance, Qatar Investment Authority, and others, and they have received the necessary paperwork. A Delaware judge had ordered the deadline after Musk appeared in court on October 17.
Musk held a call on October 24 with bankers to provide $13 billion in debt financing, according to Bloomberg. He pledged to provide $46.5 billion in equity and debt financing, covering the acquisition price and closing costs.
The equity investors, which include Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will provide $7.1 billion.
In April 2022, Musk offered to purchase Twitter outright for $44 billion, at a price of $54.20 per share. A month later, he put the purchase on hold over a disagreement about spam accounts, demanding proof of claims by Twitter that fewer than 5% of users on the service were fake.
After threatening to walk away from the deal, Musk started the process to exit the deal in July. That same month, Twitter sued Musk to try to force him into buying the platform at the agreed price.
Read on AppleInsider
Comments
I’m sure he said it in passing, had serious second thoughts when he realized what a s***show Twitter is, and tried to get out of it.
All of that stuff about bots and Twitter hiding the true numbers was Musk trying to get out of a terrible deal
What core American tenet? Hate? Because that’s what Twitter was getting flamed over for trying to control. If Musk takes the controls off, and makes it into an absolute free speech zone like he keeps talking about it will become impossible. Users will leave in droves. Corporations will not want their brands tainted with it. It will go into a death spiral.
I would agree with the idea that most of the staff will leave. Because it will be a money rat hole and there will be cost cutting measures.
I have debated trying it again. I’ve learned that there are Apps out there that are vastly better at filtering than Twitter’s own. But will absolutely NOT if Musk ends up owning it. He has no idea what he’s doing with it and will make the cesspool that is Twitter even worse. The last thing I want is to follow the personal soapbox of ANOTHER out of touch, clueless billionaire.
But I do enjoy seeing him lose money
People who do not understand the constitution should not talk about free speech at all. Ever.
People who don't know why the 2nd amendment exists should not comment on this at all, ever.
Those who do know why it exists know that it's the only thing that stands between a totalitarian fascist dictatorship and them.
Who controls the information controls the minds of the people. Simple concept.
Twitter has been running on empty for the last few years. Their heavy focus on political content moderation has diverted their attention from improving user experience and fighting bots and similar fake accounts. Twitter invented and owned this space. But their misguided focus has opened a window of opportunity for new competing platforms and people have been leaving for these platforms.
Musk will move to verify all accounts. He will fire roughly 75% of the workforce that appears to be focused on political moderation and censorship. Good riddance. He will clean up the mishmash of algorithms that compartmentalized people into likeminded demographics without them even knowing.
Twitter is a hot mess but it has great potential. Musk sees that very clearly. He loves the platform.
Getting the popcorn out.