Musk signals $44 billion Twitter deal on track to close this week
Elon Musk has confirmed on a video call with his advisers that he intends to close his $44 billion acquisition of Twitter on Friday, potentially bringing an end to the turbulent acquisition process, according to people briefed about the matter.
In another sign that the deal will close by the end of the week, Musk’s lawyers at Skadden, Arps, Slate, Meagher & Flom sent paperwork to equity investors in the deal, according to two investors and a person close to the Tesla boss.
A group of banks led by Morgan Stanley, which includes Bank of America and Barclays, committed $13 billion in financing for the deal back in April. Meanwhile, Musk has raised at least $7 billion for his bid from a roster of equity investors including Oracle co-founder Larry Ellison, Saudi Prince Alwaleed bin Talal, and asset management groups Fidelity, Brookfield, and Sequoia Capital. Confirmation from Musk that he intends to close the deal will come as a relief to Twitter shareholders concerned that the billionaire, who has repeatedly tried to find a way to walk away from the deal, would seek to find a last-minute reason to abandon the transaction.
