Elon Musk has already embraced the role of Twitter’s majority owner and potential CEO after updating his bio on the platform to “Chief Twit.”
Musk also changed his location to “Twitter HQ.”
Musk is expected to finalize his acquisition of the social media platform for $44 billion on Friday after a lengthy and tumultuous saga that ultimately will end up with the Tesla CEO also assuming the role of Twitter CEO, at least temporarily.
A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias
— Elon Musk (@elonmusk) October 26, 2022
During trading hours on Wednesday, Twitter’s share price started to drift toward the agreed-upon $54.20 per share price as Musk lined up final financing to secure the deal by October 28.
When Musk initially moved to purchase Twitter, he said it was an important step to maintain the social media platform’s identity as a “town hall for free speech.” The Tesla frontman then got cold feet after realizing that Twitter may have been fabricating its projected concentration of spam/scam accounts among active users. Musk and his attorneys eventually decided to move forward with the purchase.
The move sent Twitter shares up 24 percent in a single day.
It appears that Musk is embracing the role and plans to close the deal by the end of the week. A report from Reuters stated Musk was contacting co-investors as early as this week to confirm that he planned to follow through with the purchase, which would be finalized by Friday.
Musk will provide $46.5 billion in equity and debt financing, including the deal’s value plus closing costs. Additionally, banks like Bank of America and Morgan Stanley will provide $13 billion, and equity investors, including Musk’s friend Larry Ellison’s Oracle Corporation, will contribute $7.1 billion.
At the time of writing, Twitter shares were trading at $53.05.
Disclosure: Joey Klender is not a TWTR Shareholder.
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