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Elon Musk Visits Twitter Ahead of the Contract's Expiration Date

Aria Thomas

Oct 27, 2022 11:54

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Elon Musk stated on Wednesday that he would be visiting the San Francisco headquarters of Twitter Inc (NYSE:TWTRSan) days before the court-mandated deadline to finalize his $44 billion offer for the social media network.


"Entering Twitter HQ – let it soak in!" was the description of a video shared by Musk, which showed him carrying a sink into the Twitter headquarters.


Earlier that day, he upgraded his bio to include the title "Chief Twit," implying he was the company's senior executive.


Twitter confirmed Musk's impending San Francisco headquarters visit, but refused to comment more.


The Wall Street Journal reported, citing individuals familiar with the issue, that banks have started delivering $13 billion in cash to back Musk's acquisition of Twitter, suggesting that the transaction is on pace to close by the end of the week.


According to the story, once the final closing conditions are met, the monies will be made available to Musk so that he may finalize the sale by Friday's deadline.


When approached by Reuters, Morgan Stanley (NYSE:MS), Barclays (LON:BARC), and Bank of America (NYSE:BAC) refused to comment on the WSJ article.


Twitter first fought the purchase by adopting a poison pill, and then sued the world's wealthiest man after he announced intentions to cancel the offer owing to concerns over spam accounts on the network.


Musk suggested earlier this month to go through with his first $44 billion transaction, demanding dismissal of Twitter's lawsuit.


Reuters reported on Tuesday that the CEO of Tesla (NASDAQ:TSLA) notified co-investors who agreed to help finance the acquisition of Twitter that he intends to complete the transaction by Friday.


According to Reuters, equity investors including Sequoia Capital, Binance, and Qatar Investment Authority have received the requisite papers for the financial commitment from Musk's legal team.


During extended trading, Twitter's share price increased by over 1.1% to $53.91, barely below Musk's offer price.