Elon Musk says he will complete the deal on Twitter by Friday

The Elon Musk and Twitter saga could finally be coming to an endthe boss of Tesla and SpaceX, planning to complete the transaction by Friday. It’s been more than 6 months since Musk proposed to acquire Twitter, the platform on which he likes to let off steam and which he apparently dreams of transforming into a utopia of freedom of expression.

Elon Musk originally made a takeover bid for Twitter before trying to walk away from the deal, which sparked a legal battle. Musk eventually agreed to go through with the purchase, prompting the judge handling the case to impose an October 28 deadline for the deal to close or the case will go to court.

According to Bloomberg, Musk told bankers he expects to close the deal before Friday’s deadline, which reassures investors about the future of the company. Led by Morgan Stanley, the group of banking institutions has pledged to provide major credit worth around $13 billion and has reportedly finished drafting the final terms of the deal with Musk. Reuters also claims that Musk’s lawyers have sent the necessary documents to financial partners, including cryptocurrency giant Binance, Oracle and Sequoia Capital, among others.

As a reminder, Musk initially planned to acquire Twitter at $54.20 per share, a total of $44 billion for the company, a price he has since openly declared to be generous and well above the real value of the company. platform.

As Musk’s Twitter purchase draws to a close, the Tesla CEO faces a handful of daunting challenges.

Great challenges await!

On the other hand, Twitter employees are probably less thrilled with the news. Musk said thathe planned to lay off up to 75% of the company’s workforce, prompting an open letter from employees calling the plan “reckless.” A good number of the employees have already quit since the Musk drama started and have moved on to other places like Google and Meta.

However, the ambition to achieve its big goals with only a quarter of the employees seems ambitious. Musk has earned a reputation as a hard-working workhorse and often praises employees who work overtime, but cultivating that culture at Twitter and reigniting his financial fortunes won’t be easy.

Additionally, Musk will face the challenge of reducing the number of zombie accounts and addressing the moderation issue while releasing the pressure on free speech. It remains to be seen what miracles Musk can perform as the head of Twitter.

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