Elon Musk to close $44 billion Twitter deal this week

The CEO of Tesla has informed advisors and equity investors that the Twitter takeover will be completed by Friday.

Elon Musk has informed co-investors who agreed to help fund his $44 billion acquisition of Twitter Inc that he intends to finalise the deal on the social media company by Friday, sources told Financial Times.

Sequoia Capital, Binance, Qatar Investment Authority, and other equity investors have received the necessary papers for the finance pledge from the billionaire’s lawyers, the source continued.

The measure is the most definite indication yet that Musk intends to abide by the judge’s order in Delaware requiring that the deal be finalised by Friday.

According to a report from Bloomberg News, the banks who agreed to contribute money to Musk’s acquisition of Twitter have put together the final debt financing arrangement and are currently completing the relevant papers.

Musk has also allegedly promised to clinch the deal during a video conference call with financiers on Monday.

On Tuesday, the Twitter stock was up 3% at $52.95 and trading closer to Musk’s offer price of $54.20 after the announcement caused a spike.

For the acquisition, Musk has promised to contribute $46.5 billion in equity and debt funding, covering the $44 billion purchase price and closing charges.

A total of $13 billion in debt financing will be provided by banks, including Morgan Stanley and Bank of America Corp., to fund the purchase.

Larry Ellison, a co-founder of Oracle Corp., and Saudi Prince Alwaleed bin Talal will contribute $7.1 billion as equity investors.

The deal’s completion will put an end to months of rumours that the unpredictable entrepreneur would back out of the acquisition.

Musk has promoted himself as a supporter of free speech and has criticised Twitter’s strategy for policing violent or abusive content, which has resulted in the banning of numerous well-known conservative speakers.

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