Elon Musk went to Twitter’s headquarters before the deal to buy the company had to be finalized by the end of the week. He shared a video of himself carrying a sink in the lobby of the San Francisco office.
On Wednesday, he posted, “Entering Twitter HQ – let that sink in!” Musk also changed his Twitter name to “Chief Twit” and his location to Twitter headquarters.
A judge has given Musk until Friday to finalize an acquisition agreement. This would end months of uncertainty after the billionaire agreed to buy the social network and then tried to back out.
Even though Musk made a big entrance, it wasn’t clear if his purchase of Twitter had gone through. The Associated Press reported that Twitter said Musk’s video tweet was real, but they wouldn’t say anything else.
Reuters says that Musk has told offer participants that he plans to finish the purchase by Friday when the deadline is.
One of the hardest things for Musk to do to finish the sale was to keep the money he promised almost six months ago. A group of banks, including Morgan Stanley and Bank of America, agreed earlier this year to give Musk $12.5 billion so he could buy Twitter and make it private.
Strong contracts with Musk made it clear that the banks would provide the financing, but changes in the economy and debt markets since April may have made the terms less attractive.
Musk has even said that his investment company would pay more for Twitter than it is worth. Musk’s desire to buy Twitter seems to start around the end of March.
That’s when Twitter said he went to members of its board, including co-founder Jack Dorsey, and told them he was buying up shares and wanted to join the board, make Twitter private, or start a competitor.
Then, on April 4, he said in a filing with the government that he had bought a 9% share of the company for about $3 billion.
Musk was first asked to join Twitter’s board of directors. Six days later, CEO Parag Agrawal said that Musk wouldn’t be joining the board. His offer to buy the business was quickly taken up.
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Musk agreed to buy Twitter for $54.20 per share, which is a reference to the term “420” for marijuana. He sold about $15 billion worth of Tesla stock to help pay for the purchase.
He then got promises of billions more from a wide range of investors, including Silicon Valley heavyweights like Oracle co-founder Larry Ellison.
Inside Twitter, Musk’s offer was met with confusion and low morale. This was especially true after Musk publicly scolded one of the company’s top lawyers who helped make decisions about what kind of content to show.
Musk suddenly changed his mind in July and said he was dropping his plan. He said the company hadn’t been honest about its problem with fake accounts, which he called “spam bots.”
Twitter filed a lawsuit in Delaware chancery court to force the deal to go through. It accused Musk of making up an excuse to hide the fact that he regretted buying Twitter.
Two weeks before the start of a five-day trial, Musk changed his mind again, which showed that he still planned to finish the acquisition.
When word got out that Musk wants to fire 75% of Twitter’s employees if he takes over, morale at the company seemed to drop. Greg Larkin and Elizabeth Gafford did some research for the business membership network Punks and Pinstripes.
which is only open to people who have been invited. Their findings show that about 530 people have left the company in the last three months. The number of people who left the company in the last quarter went up by 60%, according to the numbers.
Business Insider says that almost 30% of them went to work for either Google or Meta. Others went on to work for companies like Pinterest, LinkedIn, and TikTok.
“The simple problem is that Elon Musk’s fight with Twitter is causing a lot of their best employees to leave for other social media sites… Larkin told Business Insider, “These people have choices about where they want to go, and they’re going.”