Elon Musk is now pushing for the Twitter acquisition to close on Friday, October 28, and the tech CEO has enlisted the help of banks to get funding via loans to get enough money in buying the company. The top billionaire's latest meeting with private bankers asked to remain anonymous in the transaction that will provide the funds.
The Twitter-Musk deal is pushing through and the tech CEO wanted to ensure this by getting enough cash to close the deal by the end of the week.
Twitter-Musk Deal to Complete by Friday with Banks to Help
(Photo : Scott Olson/Getty Images)
Bloomberg reported that Elon Musk asked for funding from private bankers to complete his money to close the Twitter deal, and he intends to close it by Friday, Oct. 28, right on its deadline.
Failing to purchase Twitter by the 28th means that the Delaware court hearing will take place, and it will go on a lengthy trial which would need both sides to present their case.
With this, Elon Musk will incur a debt of as much as $13 billion for his purchase of the social media company through debt financing, where the bankers are already done with the final credit agreement.
The private bankers want to remain anonymous throughout this deal and are already moving around to signing the documents that are essential to finish the transaction before Friday.
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Top Billionaire to Acquire Twitter by Deadline
According to Reuters, sources also claim that South Korea's Mirae Asset Financial Group is also pledging to help Musk with his Twitter purchase by providing $208 million to complete the money.
Friday is the deadline for Musk to purchase Twitter, and reports are now claiming that this will take place by then, providing the full $44 million to the company for a closed deal.
Twitter and Elon Musk
Much can be said about the Twitter and Elon Musk deal which went through a roller coaster of different events, from the time that the tech CEO first joined Twitter as its largest shareholder, down to his plans to acquire the company. Musk is currently the largest shareholder of Twitter after he purchases $3 billion worth of stocks which equates to 9.2 percent of the company.
However, the Musk team saw discrepancies in Twitter's bot count, one that did not make the documents that were handed over to them as part of the deal.
It became the reason for pulling out of the deal for several months before the tech CEO decided that he is pushing through with the purchase.
Not long after, the Tesla founder asked to buy Twitter again, and the other shareholders and the board approval of his initial offer of $44 billion to buy the company, after the many disputes the two parties faced.
The deadline is nearing before the Delaware trial takes place, and Twitter's team initially made an ultimatum for Musk and his legal counselors to buy the social media or face court charges. Musk is now intent to purchase the deal, and reports say that he intends to close this right on the upcoming deadline, without much room to spare.
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Written by Isaiah Richard
