London Daily

Focus on the big picture.

Elon Musk turns up at Twitter HQ carrying a sink as takeover nears completion

Elon Musk turns up at Twitter HQ carrying a sink as takeover nears completion

The billionaire posts a video showing him at Twitter HQ after reports that his takeover of the social media platform is in its final stages.

Elon Musk has been seen entering Twitter HQ carrying what appears to be a sink.

Mr Musk tweeted a video showing himself walking into the building in San Francisco a day after reports that he could close his $44bn takeover of the site by the end of this week.

The 51-year-old captioned the video: "Entering Twitter HQ - let that sink in!" - a play on words for the sink he was carrying.

He has also changed his Twitter bio to "Chief Twit".

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


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

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

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

The takeover has been far from smooth.

Mr Musk said on 4 October he would proceed with the full offer made in April, ahead of legal action that Twitter was set to bring against him later this month for going back on the deal.

Mr Musk, a long-time Twitter user who has been critical of its free speech credentials, had tried to seek better terms on the grounds that the social media company was refusing to divulge the true number of spam accounts on the platform.

He said that this question mark left the business's true market value in doubt.

US tech stocks have also suffered since the deal was struck - in Twitter's case they have fallen from $44 per share on 14 April to as low as $32 in July when the bid was formally withdrawn.

The offer price Musk initially agreed to was $54.20 per share, but the share price is currently $53.32.

Comments

Oh ya 2 year ago
I can hear snowflakes heads exploding from here. SWEET

Newsletter

Related Articles

London Daily
0:00
0:00
Close
Israel Warns France of Iranian Threats at Paris Olympics
Possible Successors to Rishi Sunak as Conservative Party Leader
Olaf Scholz to Run for German Chancellor Again in 2025
TikTok Fined by UK Regulator for Child Safety Data Reporting Failures
Miracle Baby Born After Gaza Airstrike
Global Tech Outage Caused by Bug in CrowdStrike's Software
Ukrainian FM Open to Peace Talks with Russia, China Reports
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
×