Tesla and SpaceX CEO Elon Musk will close his purchase of Twitter by Friday, reports Bloomberg, citing unnamed sources.
According to the publication, Musk said on Monday during a video call with bankers he would close the Twitter deal by Friday. These bankers are providing Musk with $13 billion of debt financing.
The financial institutions have assembled the final credit agreement for the Musk-Twitter deal, and are ready to sign documentation, which signals cash will be sent to the Tesla CEO next to pay for the $44 billion deal, say sources.
On Monday, Reuters reported South Korea’s Mirae Asset Financial Group is committing $208 million to help finance Musk’s Twitter deal. Earlier this year, the South Korean group had invested in SpaceX, said a source.
In order to avoid selling more Tesla stock to fund his Twitter purchase, analysts believe Musk is attracting more equity investors.
A Delaware judge ruled earlier this month the Musk-Twitter deal must close by October 28, 2022.
Ahead of the acquisition, previous reports cited how Musk may slash 75% of the bloated Twitter workforce.
The purchase of Twitter is one step for the creation of the everything ‘X’ app, said Musk previously.
BREAKING: $TWTR employees write letter to Elon in response to 75% layoffs.
Employees want @elonmusk to guarantee “remote work benefits” after the merger. 😂 pic.twitter.com/Rg1KCN97CS
— T(w)itter Takeover News (@TitterTakeover) October 25, 2022
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