Elon Musk The billionaire who is set to buy Twitter in the coming weeks. Hence, entered Twitter’s headquarters on Wednesday with an unfinished porcelain sink. He tweeted “Entering Twitter HQ – let the water in!”
Musk’s $44 billion deal to buy Twitter private is set for the deadline of Friday. But, the video Musk posted provided no evidence to show that the deal is finished. Twitter as well as Musk representatives have not made any comment regarding the issue, however Twitter confirmed that Musk’s tweet was genuine. Musk also modified the profile of his Twitter profile to identify his self by the name of “Chief Twit” and his address was changed was changed to the Twitter’s San Francisco headquarters.
Getting Back To The Spotlight:
The video, which is an old Musk production brought the spotlight back to the richest man in the world. Furthermore, his off-and-on search for a social platform.
The deadline of Friday for completing the deal was set to be met by Delaware Chancery Court in early October. This is the latest development in a tense battle in which Musk has signed a contract to purchase Twitter and then attempted to withdraw from it and led Twitter to take on the Tesla CEO in order to oblige him to sign the agreement. If the two parties fail to adhere to the Friday deadline and the next step may be a trial scheduled for November.
Robert Anderson, a law professor at Pepperdine University, said he is confident that the deal will close before Friday’s deadline. However, he didn’t find any substance in Musk’s video. “I don’t think there’s anything special in it, aside from the fact that he had an unfinished bathroom sink” the professor said.
Musk was anticipated to be on Twitter during the week. Furthermore, is scheduled to return to Twitter on Friday in the event that the deal is concluded. Thus, in accordance with an internal memo that was cited in a report from Bloomberg News.
The apparent excitement he expressed for going to Twitter headquarters. Obviously, was in stark contrast to his earlier comments that the building could be transformed. Hence, into a “homeless shelter” due to the fact that. According to him, there were so few people who actually worked in the facility.
A Last Week Report From Washington Post:
The Washington Post reported last week that Musk stated to investors who are interested. Obviously, that he will reduce the company’s employees in the event. That, he is appointed as the owner of the company. The paper cited documents and sources unnamed who are that were familiar with the discussion. After a few hours of posting the video of his sinking, Musk tweeted that he was having a meeting with “a number of cool people on Twitter this morning!” He gave no specifics.
One of Musk’s biggest challenges to completing the deal was keeping the funding pledged around one year ago.
A Contract Signed Between The Banks & Musk:
A number of banks that include Morgan Stanley and Bank of America. Have signed earlier in the year to loan US$12.5 billion. Which is the amount Musk required to purchase Twitter and then take the company private. The agreements signed with Musk committed the banks to the loan, but shifts in the economy as well as the markets for debt in April may have affected the terms of the agreement. Musk even claimed that his investment company will be buying Twitter to pay more than it’s worth.
What’s less clear is what’s happening in the millions of dollars lent by Musk. Surely, by investors who will be granted ownership rights in Twitter. Musk’s initial slate of equity partners comprised several partners that ranged from his tech-savvy billionaire colleagues who share similar views about the future of Twitter, like Oracle Co-Founder Larry Ellison, to funds that are controlled by Middle Eastern royalty.
As more investors in equity step into the deal. The more equity investors participate, the less Musk must pay on his own. The majority of his wealth is tucked to shares of Tesla the electric car company he owns. Since April, he’s already sold over $15 billion of Tesla stock, which is likely to pay for his share. There is a chance that more sales will follow.
Musk 51 has provided only a handful of information regarding what he plans to do with the platform. Although he’s praised the right to free speech and criticised spammers since he signed a deal to purchase the company in April, the specifics of what he will do with or even what he’s planning to do remains a mystery.
The Everything App- ‘A Unique Idea’:
Tech analysts believe that Musk plans to utilise Twitter to create the “everything app”. Something, like China’s WeChat service that lets users communicate via video. Furthermore, the chat videos, stream videos. As well as scan bar codes to pay for transactions.
Musk’s flimsy plans to buy Twitter began in March. It was at this point that Twitter claimed that Musk reached out to members of its board such as its co-founder Jack Dorsey — and said he would be buying shares and was considering being a board member, or taking Twitter private , or launching an online competitor.
On the 4th of April, he disclosed in a regulatory filing he was the largest shareholder of the company after buying a nine percent stake that was worth approximately 3 billion dollars.
Initially, Twitter offered Musk a seat on its board. However, six days after the Chief Executive Parag Agrawal tweeted that Musk will not be being a board member after all. His offer to buy the company was quickly followed by.
Within Twitter Musk’s proposal was met with uncertainty and low morale, in particular following Musk has publicly criticized one Twitter’s top lawyers who was involved in the decision-making process for content moderation.
At the end of July Musk unexpectedly changed course after announcing that he would be not going to purchase Twitter. The reason given was: Twitter was not clear regarding its issue with fake accounts that he termed “spam bots.” Twitter sued, and two weeks prior to the time a five-day trial was set to begin, Musk changed his mind once more, stating that he would like to close the transaction after all.