Elon Musk plans to close Twitter deal by Friday, October 28: Report

Elon Musk, the Tesla and SpaceX CEO, has told his co-investors that he plans to close the Twitter acquisition deal worth $44 billion by Friday, October 28, according to a report published by Reuters, who spoke to a person closely associated with the matter.

The source also told Reuters that the requisite paperwork for the deal has already been forwarded by Musk to other equity investors like Sequoia Capital, Binance, Qatar Investment Authority.

Musk was asked by a Delaware court judge to close the deal by Friday, and the latest report proves that the 51-year-old tycoon plans to comply with the order.

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Bloomberg reports that Musk has had talks with a number of banks that are set to provide him with $13 billion in debt for the upcoming deal. The report also suggests that the seven banks in question have completed putting together the credit agreement and are now working on sending the money over to Musk.

Twitter share price jumped when the news first broke, and reached as high as $53.18, which is not far off from the $54.20 per share acquisition price Musk is set to pay.

On Monday, Reuters also reported that Mirae Asset Financial Group, a South Korean organisation, is planning to invest 300 billion Korean won ($208 million) into Musk’s Twitter acquisition deal. This is not the first time that the organisation is doing a deal with Musk. Earlier, it had also invested in SpaceX, Musk’s satellite and rocket company.

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Musk had earlier tracked back on his word about acquiring Twitter, saying that the social media platform is too full of bots. However, the eccentric billionaire, who is also the richest man on the planet, reversed his decision in early October 2022.