Elon Musk shared a video Wednesday showing him entering Twitter Headquarters just before the Friday deadline to close his deal for $44 Billion acquisition of the company.
Musk also changed his Twitter profile t o refer to himself as “Chief Twit” and his location as Twitter’s San Francisco headquarters, a building that he once wondered should be closed and converted into a homeless shelter because so few employees were coming into the office under the company’s remote work policy. Musk was seen in the lobby carrying a sink.
“Entering Twitter HQ – let that sink in!” he tweeted.
To close the deal, the Delaware Chancery Court granted Friday notice to each side. A November court could decide the outcome if either side fails to make the agreement. Musk was ordered not to go by the judge.
Despite Musk’s splashy entry to headquarters, it wasn’t clear whether his purchase of Twitter had been finalized. Twitter confirmed that Musk’s video tweet was real but wouldn’t comment further. Alex Spiro, Musk’s lead lawyer, didn’t immediately return a request for comment.
Robert Anderson, a law professor at Pepperdine University, said he fully expects the deal to close by Friday’s deadline but didn’t make much of Musk’s video.
“I think he’s just visiting the headquarters, and I don’t see anything unusual about it, other than that he brought a sink,” Anderson said.
Musk was initially expected to visit Twitter during this week’s first week. A Bloomberg News internal memo said that Musk will likely return to Twitter on Friday depending on whether the deal is finalized.
The Washington Post reported last week that Musk told prospective investors that he plans to cut three quarters of Twitter’s 7,500 workers when he becomes owner of the company. The Washington Post used documents and sources unnamed to support the report.
One of Musk’s biggest obstacles to closing the deal was keeping in place the financing pledged roughly six months ago.
Bank of America, Morgan Stanley and Bank of America agreed to lend Musk $12.5 Billion to help finance the purchase of Twitter. Despite the fact that the financial and debt markets had changed significantly since April, the banks agreed to fund the transaction. Musk even said his investment group would be buying Twitter for more than it’s worth.
We don’t know what happened to the billions Musk received as compensation for owning shares in Twitter. Musk’s original slate of equity partners included an array of partners ranging from the billionaire’s tech world friends with like-minded ideas about Twitter’s future, such as Oracle co-founder Larry Ellison, to funds controlled by Middle Eastern royalty.
Musk could make less money if there were more investors. Musk’s wealth is tied to his shares in Tesla and the electric car company. Tesla stock sold for $15 billion last April. He will likely sell his share. It is possible to sell more.
Musk (51) has shared only a handful of details regarding his social media platforms. While he’s touted free speech and derided spam bots since agreeing to buy the company in April, what he actually wants to do about either remains a mystery.
Although Musk’s tweets and statements have been cryptic, technology analysts have speculated that Musk wants to use Twitter to help re-create a version of China’s WeChat service, which allows users to do video chats, message, stream video, scan bar codes and make payments.
He gave a little more detail during Tesla’s annual shareholder meeting in August, telling the crowd at a factory near Austin, Texas, that he uses Twitter frequently and knows the product well. “I think I’ve got a good sense of where to point the engineering team with Twitter to make it radically better,” he said.
Musk’s flirtation with buying Twitter appeared to begin in late March. That’s when Twitter said he contacted members of its board — including co-founder Jack Dorsey — and told them he was buying up shares and was interested in either joining the board, taking Twitter private or starting a competitor.
Then, on April 4, he revealed in a regulatory filing that he had become the company’s largest shareholder after acquiring a 9% stake worth about $3 billion.
Twitter offered Musk an initial spot on their board. Parag Agrawal (the CEO of Twitter) tweeted six days later that Musk would not be joining the board. He offered to buy the company.
Inside Twitter, Musk’s offer was met with confusion and falling morale, especially after Musk publicly criticized one of Twitter’s top lawyers involved in content-moderation decisions.
Musk announced in July that he was abandoning his plan to buy Twitter. His stated reason: Twitter hadn’t been straightforward about its problem with fake accounts he dubbed “spam bots.” Twitter sued Musk in Delaware Chancery Court to force the deal through. Musk changed his mind again just two weeks before the five-day trial. Musk stated that he wanted to seal the deal.
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