According to Bloomberg, Elon Musk pledged to close his acquisition of the social media platform by Friday in a video call with bankers who are helping him fund the deal on Monday.
The banks have completed the final credit agreement and are providing $13 billion in debt financing. According to the source, the banks are in the process of signing the documents, which is one of the final steps before the funds are sent to Elon Musk.
According to anonymous sources, equity investors such as Qatar Investment Authority and Binance received paperwork from Elon Musk’s attorneys. According to the source, Elon Musk informed his co-investors of his intention to complete the Twitter buyout by Friday.
Equity investors in Elon Musk's take private of Twitter have received paperwork from his lawyers at Skadden Arps in order to prepare for closing the deal. It's another sign deal is on track for Friday close. $TWTR
— David Faber (@davidfaber) October 25, 2022
On Tuesday, at the Future Investment Initiative conference in Saudi Arabia, Binance CEO Changpeng Zhao said, “I think so,” when asked if he would honor his $500 million financial commitment to Elon Musk.
Once the deal is completed and Elon owns Twitter, perhaps Elon Musk will reveal more details about his immediate plans for the new, soon-to-be X the everything app. He has frequently spoken about free speech and has stated that the network “should be as broadly inclusive as possible.”
As per Bloomberg:
“The banks, which are providing $13 billion of debt financing, have finished putting together the final credit agreement and are in the process of signing the documentation, one of the last steps before actually sending the cash to Musk, said the people, who asked not to be named discussing a private transaction.”