Twitter shares will be suspended from trading tomorrow, Friday, as billionaire Elon Musk faces a court-ordered deadline of October 28 to close his $44 billion deal for the social media platform, the New York Stock Exchange showed.
Musk, the world’s richest person, visited Twitter’s San Francisco headquarters on Wednesday and hinted he was the company’s president after updating his resume to “Twit Chief”.
Completing the deal would mark the end of a lawsuit by Twitter, which now expects, along with investors, to complete the deal on its original terms of $54.20 per share, according to gadgets360.
Reuters reported last Tuesday that stock investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, received the paperwork required to commit to the financing from Musk’s lawyer..
The company’s stock closed at $53.35 on the New York Stock Exchange on Wednesday, up about 1% at $53.90 in extended trading, just below Musk’s bid price..
Hours ago, he hinted that he was the president of the company after updating his profile bio to “Twit Chief”.
The Wall Street Journal, citing people familiar with the matter, reported that banks have begun sending $13 billion in cash to support Musk’s acquisition of Twitter, indicating that the deal is on track to close by the end of the week with the matter..
Once the final closing conditions are met, the funds will be available for Musk to execute the deal by the Friday deadline, the report added.
Bank of America and Barclays declined to comment on the report when contacted by Reuters, while Morgan Stanley did not immediately respond to a request for comment..
In the thrilling six months since Musk announced his $54.20-per-share bid, Twitter initially resisted the deal and later sued the world’s richest man after announcing plans to abandon the deal.