According to the website of the New York Stock Exchange, trading in Twitter's shares will be suspended on Friday as Tesla, and SpaceX CEO Elon Musk has until Oct. 28 to complete his $44 billion acquisition of the social media giant.
"Chief Twit"
Musk, the richest man in the world, visited Twitter's San Francisco offices on Wednesday, Oct. 26, and implied that he was going to be the company's top executive by changing his profile bio to "Chief Twit."
Musk's visit to Twitter's headquarters earlier today is unknown. However, there are rumors that he may have officially closed the purchase on the blue bird app.
Although neither party has yet made an announcement, his entrance may indicate that they are finalizing the agreement as both parties are already in communication.
According to a report by Reuters, the billionaire's attorneys had provided the necessary documentation for the finance pledge to equity investors such as Binance, Sequoia Capital, Qatar Investment Authority, and other companies.
The closing of the transaction would put an end to Twitter's litigation. Twitter, together with the investors, now anticipates that the transaction will close at the agreed-upon price of $54.20 per share.
In premarket trade, Twitter's shares were up about 1% at $53.92, vs. Musk's offer price of $54.20 per share, as per Reuters' report.
It is worth noting that the social media company's stock has increased by about 65% ever since it hit a four-month low in July.
Musk-Twitter Saga
It won't be long before the Twitter and Musk agreement is finalized, and the tech CEO intends to close this social media acquisition to usher in fresh beginnings in the business. However, once he takes over as the company's head, the workforce will reportedly be slashed by 75%, signaling an impending disaster for Twitter workers.
However, it is worth noting that the deal was not a linear process. Musk unexpectedly announced in July that he is backing down from his Twitter takeover, citing reasons that the company is not being transparent on the number of bots on the platform.
This prompted Twitter to file a lawsuit against Musk so that he would continue his initial acquisition plan. Musk's visit to the company's HQ may just signal the end of the tumultuous saga between the two parties.
Related Article : Elon Musk Twitter Deal Update: Billionaire Got Pre-Trial Deposition Delay, But Not a Discount
This article is owned by Tech Times
Written by Joaquin Victor Tacla
