Elon’s Takeover – Musk Closes in On Twitter
Reports have concluded that the CEO of Tesla, Elon Musk will finalize his deal to purchase Twitter by the end of this week. The $44 billion acquisition will close a months-long settlement between Musk and Twitter that started in April and followed a series of disputes that prolonged the purchase. In July, Musk declared the acquisition to be void as he uncovered concerns regarding the number of bots Twitter had. Twitter then initiated a lawsuit in Delaware, but now the richest man in the world seems to be moving on as he proceeds for the legal deadline of this Friday.
This week, Musk has been visiting Twitter’s office in San Francisco, where he tweeted a video of him holding a sink with the caption “Entering Twitter HQ – let that sink in.” It has been reported that banks have also begun lending the $13 billion in cash for Musk to complete the transaction by Friday. Significantly, recently leaked documents show Musk’s plan to cut Twitter’s workforce by 75%. Musk’s main objective for the purchase relies upon freedom of speech, where he believes a massive communication platform such as Twitter should be deregulated and prohibited from censoring any legal speech. Regardless of his aspirations, Elon Musk has until Friday to complete the deal, and if he fails, a legal trial will commence to resolve the issue.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.