This time around, Elon Musk’s Twitter deal might actually materialize. Bloomberg reports that on a video conference call on October 25, Musk stated that the takeover of Twitter would be completed on the 28th of October, or this coming Friday.
Musk held a conference call with the banks who were financing the deal. A $13 billion credit line is apparently being opened by Musk from said institutions.
On October 4, the CEO of Tesla and SpaceX reaffirmed his buyout offer for Twitter at the previously established value of $44 billion and Twitter quickly gave a positive answer. Following months of conflict between the two parties, a new agreement that had the same provisions as the last one was reached.
Prior to Twitter falling out of the arrangement, Musk had charged the firm with lying about its userbase and demanded that it demonstrate that under 5% of its user profiles were fraudulent. Twitter responded by suing Musk for breach of contract and demanding $1 billion in damages.
According to reports, Musk intends to drastically reduce Twitter’s employment, from around 7,000 employees to 2,500, a 75% reduction. The billionaire acknowledged that he was clearly overpaying for the social media behemoth during the most recent Tesla earnings call but added that the long-term prospects of the company was orders of magnitude more than it was in its present state.
Musk restated his desire on Tuesday in a Tweet for the social media network to adopt another method to content moderation and filtering, though he has not yet responded to the most recent story.
Twitter should be as broadly inclusive as possible, serving as a fair forum for lively, even if occasionally rancorous, debate between widely divergent beliefs.
— Elon Musk (@elonmusk) October 25, 2022
Twitter ought to be as inclusive as it can be, acting as a fair arena for vigorous, though sometimes heated, discourse among drastically different points of view. And Musk responded with the 100 emoji when a Dogecoin (DOGE) aficionado wondered if he could simply make the network more entertaining.
💯
— Elon Musk (@elonmusk) October 25, 2022