Elon Musk appears to be on track to fulfill a deadline on Friday to finalize his on-again, off-again acquisition of Twitter, averting a court battle over the $44 billion agreement, which he admits is excessively priced.
Musk also updated his Twitter profile to “Chief Twit” and tweeted a video of himself bringing a sink into the social network’s California offices. On Wednesday, he was walking through the office carrying a sink bowl as he awaited the end of his $44 billion takeover transaction on Friday.
“I’m excited about the Twitter situation.” I think it’s an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now,” Musk said during a recent Tesla earnings call.
Musk, who had previously expressed interest in purchasing Twitter, abruptly ended the agreement in July. The Tesla CEO said that by exaggerating the quantity of spam and false bot accounts on its network, Twitter had broken the terms of their mutual purchase agreement. Twitter filed a lawsuit to enforce Musk’s commitment to the contract he signed in April to buy the dominant social media platform after he sought to cancel the deal.
After Musk attempted to back out of the deal in April, a judge had given him until Friday to complete the acquisition. Twitter and Musk have not indicated whether the deal has been finalized. Although Musk made a grand entry at the company’s office, it was unclear at the time of his purchase of Twitter had been completed.
According to a report published last week by The Washington Post, Musk informed potential investors that, should he acquire Twitter, he intends to lay off approximately 75 percent of its 7,500 employees. Documents and unidentified sources familiar with the discussion were mentioned by the news portal.
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