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Elon Musk Checks in on Twitter as the $44 Billion Deal Gets Closer to Being Finalized

BusinessElon Musk Checks in on Twitter as the $44 Billion Deal Gets Closer to Being Finalized

It would seem that Elon Musk will be able to successfully conclude his record-breaking $44 billion bid for Twitter.

On Wednesday, Mr. Musk, who is also the CEO of SpaceX, paid a visit to the offices of Twitter in San Francisco. While there, he posted a nine-second video of himself smiling while carrying a porcelain sink into the facility.

“We’ve made it to Twitter HQ! Take a moment to let it sink in!

According to a judgement from the court, Mr. Musk, the wealthiest person in the planet, has until this coming Friday to finalise the acquisition of Twitter. According to three Twitter workers who spoke on the condition of anonymity, it is anticipated that he will participate in a range of meetings at the social media firm this week. According to the workers and a message that was sent out internally by Leslie Berland, the chief marketing officer for the firm, he is also scheduled to speak to the staff of Twitter on Friday.

Mr. Musk, who is now 51 years old, updated his profile on Twitter by referring to himself as the “Chief Twit” and indicating that he is located at the “Twitter HQ.”

A request for comment sent to Twitter was not immediately answered by a representative from the company.

After what has been a drawn-out and difficult period of time, Mr. Musk visited the headquarters of Twitter, which is a strong indication that he intends to finalise the transaction. In April, the billionaire reached an agreement to purchase the firm. But after a few weeks, it seemed as if he was beginning to second-guess his choice, and he made an attempt to back out.

Twitter then filed a lawsuit against Mr. Musk in an effort to compel him to comply by the terms of the agreement contract. The trial for this case is slated to begin later this month. This month, the millionaire had another change of heart and decided to devote himself to making the acquisition. The judge presiding over the case in the Delaware Chancery Court postponed the trial and set the new deadline for the conclusion of the transaction for October 28.

Mr. Musk has pledged to revolutionise Twitter by bringing it under private ownership, reducing staff, and fostering the growth of subscription services. He has said that he is a “free speech absolutist,” and he wants to relax the regulations that govern the censorship of information on the site. One of his goals is to reverse the decision to bar former President Donald J. Trump from using the platform. He also said that Twitter could evolve into a “everything app” like WeChat, a Chinese platform that combines social networking, instant messaging, and mobile payment services.

Mr. Musk has spent the last three weeks putting the finishing touches on the conditions of his financing for the acquisition, which involve taking on $12.5 billion in debt from banks on Wall Street. In order to reduce the amount of risk that is carried on their balance sheets, investment banks generally sell the debt that they arrange for such transactions. However, due to the rapid pace at which Mr. Musk is now racing to finalise the deal, as well as the deteriorating market for such debt, they have decided to keep that debt on their balance sheets at least for the time being, according to two people who are familiar with the situation. This decision was made in light of the fact that the market for such debt has become less desirable.

Some of Twitter’s 7,500 workers have been experiencing jitters as a result of the significant amount of uncertainty surrounding the purchase. Following allegations that Mr. Musk intended to fire as much as 75 percent of the company’s employees, the business made efforts the previous week to allay the anxieties of those workers. Workers at Twitter were informed by management that there were no plans for layoffs, but management was unable to give any guarantees on what Mr. Musk may decide to do.

Employees who are interested in keeping their jobs but are concerned about the possibility of future pay cuts have expressed this concern. Mr. Musk agreed to the conditions of the deal that required him to purchase Twitter, which stated that the stock options that were previously offered to workers would be replaced with regularly scheduled cash incentives. However, due to the fact that Mr. Musk has changed his position on the logistics of alternative agreement structures, a number of workers have the concern that he would not follow his remuneration obligations.

Ms. Berland urged the staff of Twitter on Wednesday to introduce themselves to Mr. Musk if they were to see him in the workplace.

During a question-and-answer session in June, Mr. Musk had his most recent conversation with employees of Twitter.

During the discussion, he made the following statement: “I want Twitter to contribute to a better, longer-lasting civilisation in which we better comprehend the nature of reality.”

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