Elon Musk to strike a deal with Twitter within three days

Elon Musk’s Twitter deal might actually come to fruition this time around. According to Bloomberg, Elon Musk said in a video conference yesterday that his acquisition deal with Twitter would be finalized this Friday, October 28.

Musk’s conference call was for banking institutions that are funding the acquisition. Musk is reportedly opening a $13 billion line of credit with them.

The Tesla and SpaceX CEO renewed his offer to buy Twitter on Oct. 4 at the original agreed-upon price of $44 billion; the company accepted shortly after. The new deal, which was set on the same terms as the previous one, came after months of turmoil between the two parties. Elon Musk had previously accused Twitter of lying about the number of its users, demanding that the company prove that less than 5% of its user accounts were fake, and eventually backing out of the deal. In return, Twitter sued Musk for breach of contract, claiming $1 billion in penalties.

Elon Musk reportedly plans to significantly reduce Twitter’s workforce from about 7,000 employees to 2,500, which would be a 75% reduction. The billionaire said on Tesla’s latest earnings conference call that he had “clearly overpaid“for the social networking giant, but that the long-term potential of the company was “an order of magnitude higher” to its present form.

Twitter should be as broadly inclusive as possible, serving as a fair forum for lively, even if occasionally rancorous, debate between widely divergent beliefs.

– Elon Musk (@elonmusk) October 25, 2022

While Elon Musk has yet to comment on the latest news, he reiterated yesterday in a message on Twitter his intention to see the social media platform take a different approach to content moderation and censorship. “Twitter should be as broadly inclusive as possible, serving as a fair forum for lively, if sometimes rancorous, debate among widely divergent beliefs.“And when a Dogecoin enthusiast asked if he could just make the platform more fun, Musk responded with the emoji”100“.

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– Elon Musk (@elonmusk) October 25, 2022