Elon Musk pledges to complete Twitter takeover by Friday, October 28

Image of billionaire businessman Elon Musk. Credit: Kathy Hutchins/Shutterstock.com

Billionaire businessman Elon Musk has reportedly vowed to finalise his takeover of Twitter by this by Friday, October 28.

 

As reported by Bloomberg this Tuesday, October 25, citing sources with knowledge of the matter, after a video conference call with bankers who are helping him fund the deal to purchase Twitter, Elon Musk pledged that he would close the $44 billion (approx €44.1b) by Friday 28.

That is the same date by which Kathaleen McCormick, the Delaware Chancery Court judge, instructed the businessman to close the deal. Under the conditions of the court’s order, Musk has until 5pm on Friday to finalise the acquisition to avoid a new date being set for Twitter’s lawsuit against him.

Final credit agreements are reportedly nearing completion, with the last step remaining of all parties signing the relevant documentation. Morgan Stanley and Bank of America head the conglomeration of banks that will provide Musk with $13 billion (approx €13.05b).

Elon Musk has courted controversy since he announced that he would cut around two-thirds of Twitter’s staff should he take over the company. Employees have penned an open letter protesting his threatened action.

Shares in Twitter rose to $52.91 (approx €53.11) during trading this Tuesday, an increase of by 2.7 per cent. That brings the price ever closer to Musk’s original share valuation offer of $54.20 (approx €54.41), as reported by dailymail.co.uk.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    Leave a comment

    Your email address will not be published. Required fields are marked *