Elon Musk hints at closing Twitter deal

The founder of Tesla and SpaceX, Elon Musk, posted a video of visiting Twitter’s headquarters, presumably as the new owner. Dogecoin rose in response.

Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7

— Elon Musk (@elonmusk) October 26, 2022

He captioned the clip with the words “let’s clarify this.”

“Today I met a bunch of cool people at Twitter,” he added.

The billionaire also changed his profile on the platform to “Chief Twit.”

Analyst Neil Cybart of Above Avalon noted that the New York Stock Exchange had warned that trading in Twitter shares would be suspended from Friday, October 28. Earlier, media reports said that by that date Musk promised to complete the purchase of the social network for representatives of the banks involved and the co-investors.

Posted on the NYSE’s website — Twitter shares $TWTR to be suspended on Friday (deadline for Musk to acquire the company). Given Musk’s visit(s) to Twitter HQ, sure seems that the deal close has been set in motion. pic.twitter.com/WrOA71SJXZ

— Neil Cybart (@neilcybart) October 26, 2022

“Given Musk’s visit to Twitter’s headquarters, it seems the deal closing has already begun,” an analyst suggested.

In this context, Musk’s “favorite cryptocurrency,” Dogecoin, rose nearly 20% in 24 hours. The token trades around $0.079 (CoinGecko).

Twitter shares edged higher on the day.

In early April, Musk became Twitter’s largest shareholder after acquiring 9.2% of 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 stance, approving a deal at $44 billion.

In May, the billionaire indicated in a filing with the SEC that the crypto exchange Binance provided him $500 million to buy Twitter. On Oct. 25, the platform’s chief Changpeng Zhao confirmed his intention to finance the deal.

On May 13, the Tesla chief announced the suspension of the Twitter purchase after reports that the platform’s audience metrics were inflated. He also accused the platform’s algorithms of manipulating users.

Twitter shareholders filed suit against Musk over the “chaotic process” of the takeover. In July, the businessman filed a countersuit.

On Oct. 4, it emerged that the entrepreneur would restart the takeover of the social network on the original terms—$54.2 per share.

Subsequently, the court granted Musk’s motion for a stay of proceedings in the Twitter suit. The document stated that the deal could be concluded by Oct. 28.

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