Elon Musk, during a video conference with representatives of banks acting as co-investors in the Twitter takeover, pledged to complete the purchase by October 28. Bloomberg reports, citing sources.
According to them, the banks providing $13 billion in debt financing have completed drafting the final credit agreement. They are in the process of signing the documents—this is the last step before the funds are actually transferred to Musk, the sources said.
According to the agency, a group of banks led by Morgan Stanley was to receive a loan notice on October 25. The funds would be deposited on October 27.
In early April, Musk became the largest shareholder of Twitter after acquisition of 9.2% of the shares for $2.89 billion.
On April 14, he proposed to buy the social network for more than $43 billion, but the company’s leadership reacted negatively. Later, the board reconsidered its position, approving the deal at $44 billion.
In May, the billionaire disclosed in a filing with the SEC that the Binance exchange provided him $500 million to purchase Twitter.
25 October, Binance CEO Changpeng Zhao confirmed plans to fund the deal.
In May, the Tesla chief announced a pause in the purchase of Twitter after reports that the platform’s audience metrics had been inflated. He also accused the platform’s algorithms of manipulating users.
Twitter shareholders filed a suit against Musk over the “chaotic process” of the takeover. The latter also pressed claims against the billionaire, demanding that he honour the commitments and complete the purchase.
On July 29, the businessman filed a countersuit. He said he was prepared to close the deal on the original terms if Twitter reveals the methodology for sampling 100 accounts and the method for verifying their authenticity.
In early August, Twitter’s lawyers summoned Binance’s unit in court over the financing earmarked for the platform’s takeover. The summons were also served on the financial advisers, investors and potential lenders to Musk.
On October 4, it emerged that the entrepreneur resume the takeover of the social network on the original terms — $54.2 per share.
Subsequently, the court granted Musk’s request for a postponement of the Twitter lawsuit. The document stated that the deal could be closed by October 28.
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