Elon Musk visits Twitter headquarters ahead of takeover deadline

Oct. 26 (Reuters) – Billionaire Elon Musk said he was visiting Twitter Inc (TWTR.N) headquarters in San Francisco on Wednesday ahead of a court-ordered deadline to close his $44 billion deal for the social media platform. Close.

“Entering Twitter’s HQ – let that sink in!” said the caption of a video Musk tweeted in which he walked into the Twitter office with a sink in his hands.

Hours earlier, he hinted that he was the top boss of the company after updating his profile’s biography to “Chief Twit.”

Twitter confirmed that Musk would visit the San Francisco office this week, but declined to comment further.

Banks have begun sending $13 billion in cash to support Musk’s takeover of Twitter in a sign that the deal is on track to close by the end of the week, the Wall Street Journal reported, citing people who be familiar with the matter.

Once final closing conditions are met, the funds will be made available for Musk to complete the transaction by Friday’s deadline, the report said.

Bank of America and Barclays declined to comment on the report when Reuters contacted them, while Morgan Stanley did not immediately respond to a request for comment.

In the six months of a dramatic back-and-forth since Musk announced his offer of $54.20 a share, Twitter initially opposed the deal by taking a poison pill and later sued the world’s richest man after announcing plans. to withdraw the offer due to concerns about spam accounts on the platform.

Earlier this month, Musk proposed going ahead with his original $44 billion bid, calling for Twitter’s termination of the lawsuit.

The CEO of Tesla Inc (TSLA.O) has informed fellow investors who have pledged to help fund the Twitter deal that he plans to close this Friday, Reuters reported Tuesday. read more

Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, have received the necessary paperwork for the funding commitment from Musk’s lawyers, Reuters reported.

Twitter shares were up about 1.1% to $53.91 in extended trading, slightly below Musk’s offer price.

Reporting by Eva Mathews and Juby Babu in Bengaluru; Editing by Devika Syamnath and Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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