28 October 2022

THE BIRD IS FREED... Time to start the 'Heavy Lifting'

27 minutes ago - Elon Musk became Twitter Inc's owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform

Done deal 

Elon Musk completes $44bn Twitter takeover

  • Published
Elon Musk carrying a sink into Twitter HQ.IMAGE SOURCE,ELON MUSK
Image caption,
Elon Musk carrying a sink into Twitter HQ

The world's richest man, Elon Musk, has completed his $44bn (£38.1bn) takeover of Twitter, according to US media and an investor in the firm.

He tweeted "the bird is freed", in an apparent reference to the deal closing.

Musk starts his Twitter ownership with firings, declares the 'bird ...reuters.com› markets › deals › elon-musk-completes-44-bln-acquisition-twitter-2022-10-28



Sink-carrying Elon Musk visits Twitter before $44bn deal deadline


Twitter takeover deal must be sealed by Friday, or the billionaire will face trial.

Elon Musk
An image from the Twitter page of Elon Musk shows Musk entering Twitter headquarters carrying a sink through the lobby area on Wednesday, October 26, 2022 in San Francisco. [Twitter page of Elon Musk via AP]

Elon Musk, the world’s richest man, has paid a visit to Twitter’s headquarters before a Friday court-ordered deadline to close his $44bn deal for the United States-based social media giant.

“Entering Twitter HQ – let that sink in!” said the caption of a video that Musk tweeted on Wednesday in which he was walking into the offices in San Fransciso carrying a sink.

Hours earlier, he had hinted at being the company’s top boss after updating his Twitter profile’s bio to “Chief Twit”.

In the six months of a dramatic back-and-forth since Musk announced his unsolicited $54.20 per share bid, Twitter initially resisted the deal by adopting a so-called “poison pill” and later sued the billionaire after he announced plans to abandon the deal on concerns about spam accounts on the platform.

With a trial looming, Musk revived his takeover plan on the condition that legal proceedings were put on hold.

The deal must be sealed by Friday, or Musk will face trial over the contract.

Twitter shares will be suspended from trading on Friday, according to the New York Stock Exchange’s website.

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Reports this week said the Tesla chief has notified co-investors who committed to help fund the Twitter deal that he planned to close it by Friday.

Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, have received the requisite paperwork for the financing commitment from Musk’s lawyers, Reuters news agency reported.

SOURCE: AL JAZEERA AND NEWS AGENCIES

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