Elon Musk Will Complete Twitter Transaction This Week
Musk said yesterday on a video conference call, according to Bloomberg, that his takeover agreement with Twitter will be completed on Friday, October 28.
Musk had a conference call with the financial firms financing the transaction. Reportedly, Musk is establishing a $13 billion credit line with them.
On October 4, the CEO of Tesla and SpaceX repeated his $44 billion takeover bid for Twitter, which the firm accepted soon afterwards. The new agreement, which had identical conditions to the old one, was reached after months of conflict between the parties.
Musk had previously accused Twitter of exaggerating its user count, demanding that the firm show that fewer than 5% of its user accounts were fraudulent, and ultimately withdrawing from the transaction. In response, Twitter filed a breach of contract lawsuit against Musk, demanding $1 billion in damages.
According to reports, Musk intends to slash Twitter’s employment by 75%, from about 7,000 to 2,500 personnel. In the most recent Tesla earnings call, the billionaire claimed that he was “clearly overpaying” for the social media behemoth, but that the company’s long-term potential was “an order of magnitude larger” than its present state.
Musk has yet to comment on the most recent story, but he restated his desire for the social media platform to adopt a different approach to content moderation and filtering in a tweet yesterday. “Twitter should be as inclusive as possible, acting as a place for vibrant, though sometimes contentious, discourse between people with wildly differing ideas.” Musk responded with the “100” emoji after a Dogecoin fan asked if he could make the platform more entertaining.