Elon Musk Poised to Seize Control of Twitter This Week
Elon Musk prepares to finalize his $44 billion acquisition of Twitter by Friday, driven by an impending court trial deadline.
Elon Musk moves forward with his plan to take control of Twitter this week, aiming to close the acquisition by Friday, October 28. A group of banks, including Morgan Stanley and Bank of America, provides $13 billion in debt financing to support the purchase. Twitter's stock trades just below Musk's offered price of $54.20 per share, reflecting market confidence that the deal finally crosses the finish line.
The driving force behind this strict deadline is an impending legal battle in the Delaware Chancery Court. Chancellor Kathaleen McCormick schedules a November trial if Musk fails to complete the purchase by Friday, pushing the billionaire to finalize the transaction to avoid a public courtroom showdown. Twitter originally sues Musk over the summer to force him to honor his original agreement.
The path to this conclusion involves months of erratic negotiations, stalled deals, and revealed private messages. Musk makes numerous attempts to back out of the acquisition by questioning Twitter's user metrics, only to reverse course in early October to avoid the scheduled trial. He currently signals his imminent takeover by updating his Twitter bio to "Chief Twit" and listing his location as Twitter HQ.