Elon Musk to Close Twitter Acquisition on October 28, Stock Price Continues to Rise

Elon Musk promised to close the deal on October 28. (photo: dock. pixelabay)

JAKARTA - Elon Musk has told fellow investors committed to helping fund his $44 billion acquisition of Twitter Inc that he plans to close his purchase of the social media company on Friday, October 28. This is known from a source who claims to know the problem.

"Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others have received the documents required for the financing commitment from Musk's attorneys," the source added.

The move is the clearest sign that Musk plans to adhere to a Delaware court judge's deadline to complete the transaction by Friday.

While according to a Bloomberg News report, the banks committed to funding Musk's purchase of Twitter have completed drafting a final debt financing agreement and are in the process of signing the required paperwork,

Musk promised to close the deal via a video press conference on Monday, October 24 with the bankers who helped fund the deal.

Twitter meanwhile declined to comment on the report. Even the Tesla CEO's attorney was not available for comment.

Twitter shares jumped on the news and traded up 3% at $52.95 on Tuesday, October 5, closer to Musk's offer price of $54.20.

Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which includes a $44 billion price tag and closing costs.

Several banks, including Morgan Stanley and Bank of America Corp., have committed to providing $13 billion of debt financing to support Musk's deal with Twitter.

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

The closing of the deal would put a stop to months of speculation that the world's richest billionaire is at a loss for a takeover.

Musk has touted himself as a free speech advocate and is critical of Twitter's approach to monitoring violent or hateful content, which has led to the bans of many prominent conservative voices.