According to sources cited by the Financial Times, Elon Musk has notified co-investors who agreed to help fund his $44 billion acquisition of Twitter Inc that he plans to close the deal on the social media business by Friday.
The source added that the billionaire’s attorneys have provided the relevant paperwork for the funding pledge to Sequoia Capital, Binance, Qatar Investment Authority, and other equity investors.
The action is the clearest sign yet that Musk intends to follow the Delaware judge’s decision mandating that the purchase be completed by Friday.
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According to a report from Bloomberg News, the banks who agreed to contribute money to Musk’s acquisition of Twitter have put together the final debt financing arrangement and are currently completing the relevant papers.
Musk has also allegedly promised to clinch the deal during a video conference call with financiers on Monday.
On Tuesday, the Twitter stock was up 3% at $52.95 and trading closer to Musk’s offer price of $54.20 after the announcement caused a spike.
For the acquisition, Musk has promised to contribute $46.5 billion in equity and debt funding, covering the $44 billion purchase price and closing charges.
A total of $13 billion in debt financing will be provided by banks, including Morgan Stanley and Bank of America Corp., to fund the purchase.
Co-founder of Oracle Corporation Larry Ellison and Saudi Prince Alwaleed bin Talal will invest $7.1 billion as equity investors.
Once the purchase is finalized, months of rumors that the erratic entrepreneur would back out of the acquisition will come to an end.
Musk has positioned himself as a proponent of free speech and has criticized Twitter’s policing of violent or abusive content tactics, which has led to the banning of numerous prominent Republican speakers.
