Topline
Elon Musk confirmed that the $44 billion purchase of Twitter would be completed on Wednesday, and shared the news via a humorous video.
Twitter’s San Francisco headquarters was visited by a surprise guest on Wednesday.Anadolu Agency
Here are some key facts
Musk first changed his Twitter bio to “Chief Twit,” an apparent nod to reports he’ll follow through with his acquisition by Friday’s court-mandated deadline—if he and Twitter don’t reach an agreement by then, they will face off at trial in Delaware.
An hour later, Musk tweeted a video of him at Twitter’s San Francisco headquarters carrying a sink, captioning the video, “Entering Twitter HQ – let that sink in!”
The world’s richest man will address Twitter employees directly Friday, according to a memo sent to staff viewed by Bloomberg.
Twitter refused to comment SME.
Important Background
Musk’s appearance at Twitter headquarters is the latest and most definitive news indicating the deal will close at the $54.20-per-share purchase terms. Bloomberg reported Tuesday, that Musk informed the lenders he was completing his acquisition according to the original terms. The co-head of mergers and acquisitions at JP Morgan, one of Twitter’s advisors, said Wednesday he believes the deal will go through smoothly. Twitter accepted Musk’s bid to take the company private in April before Musk lobbied to back out from the deal, leading Twitter to sue him and setting the stage for an October trial to determine if the deal would go through. The trial was postponed after Musk wrote to the company he’d move forward with the deal October 3.
Unbeknownstumbling Fact
Musk plans to cut three-fourths of Twitter’s staff, according to documents viewed by the Washington Post.
Big Number
26%. That’s how much Twitter shares are up since Musk’s letter agreeing to follow through with the deal went public. Twitter’s stock rose 1% to $53.37 Wednesday.
dditional ReadingElon Musk Reportedly Tells Bankers He’ll Buy Twitter By Friday Deadline (SME)
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