Elon Musk shows up at Twitter HQ with a sink as takeover draws to a close | Economic news


Elon Musk was seen entering Twitter headquarters – carrying what appears to be a sink.

Mr Musk tweeted a video showing him entering the San Francisco building a day after announcing he could complete his $44 billion takeover of the site by the end of this week.

The 51-year-old captioned the video: “Come into Twitter HQ – let him in!” – a pun for the sink he was carrying.

He also changed his Twitter bio to “Chief Twit”, teasing his move.

The banks involved in the takeover have finished drafting the final credit agreement and are in the process of signing documentation, according to a Bloomberg report.

Mr. Musk, the mogul behind Tesla and Space X, has pledged $46.5 billion in equity and debt financing for the takeover, covering the $44 billion price tag and closing costs.

A number of banks, including Morgan Stanley and Bank of America, have committed $13 billion in debt financing to support the deal.

Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will contribute $7.1 billion.

However, the takeover is far from smooth.

Image:
The richest man in the world is about to buy Twitter

Mr. Musk revealed on October 4 that he make full offer made in April, before a lawsuit that Twitter was set to sue him later this month for reneging on the deal.

Read more:
Twitter takes action to reassure staff as report claims Elon Musk wants 75% of workers laid off
Elon Musk’s Twitter deal is back – but will he back out a second time?

Mr Musk, a longtime Twitter user who has criticized his free speech credentials, had tried to seek better terms on the grounds that the social media company refused to disclose the actual number of spam accounts on the platform.

He argued that this question mark left the true market value of the business in doubt.

US tech stocks have also suffered terribly since the deal was struck – in the case of Twitter they have fallen from $44 (£37.85) per share on April 14 to $32 (£27.53) in July , when the offer was officially withdrawn.

The offer price initially accepted by Musk was $54.20 (£46.63) per share, but the share price is currently $53.32 (£45.87).

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