Elon Musk reportedly told his financial backers that the Twitter deal should be closed by Friday.
Musk will soon become the owner of Twitter
This time, Elon Musk's deal with Twitter can really take place.
According to Bloomberg, yesterday during a video conference, Musk said that his acquisition of Twitter will be completed this Friday, October 28.
Musk's conference call was with banking institutions providing financing for the acquisition. It is reported that Musk is opening a $13 billion credit line with them.
On October 4, the CEO of Tesla and SpaceX renewed his offer to buy Twitter at the originally agreed price of $44 billion. The new deal, which was set on the same terms as the previous one, was concluded after months of turmoil between both sides. Earlier, Musk accused Twitter of lying about the number of its users, calling on the company to prove that less than 5% of its user accounts were fake, and eventually refused the deal. In response, Twitter sued Musk for breach of contract, demanding a $1 billion fine.
It is reported that Musk plans to drastically reduce Twitter's staff from about 7,000 employees to 2,500, which will be a 75% reduction. The billionaire said in Tesla's latest earnings report that he is "obviously overpaying" for the social media giant, but that the company's long-term potential is "an order of magnitude greater" than its current form.
Although Musk has not yet commented on the latest news, in a tweet yesterday he confirmed his intention for the social media platform to take a different approach to content moderation and censorship.
"Twitter should be as broad as possible, serving as a fair forum for lively, if sometimes vicious, debates between strongly divergent beliefs."
When a Dogecoin enthusiast asked if he could just make the platform more fun, Musk replied with a "100" emoji.
This is a serious story that will be updated as new details become available.