HomeInternationalElon Musk visits Twitter headquarters ahead of $44bn takeover bid

Elon Musk visits Twitter headquarters ahead of $44bn takeover bid

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Tesla CEO, Elon Musk, on Wednesday visited Twitter’s headquarters ahead of his $44 billion Twitter takeover bid.

Mr Musk disclosed this in a nine-second tweet video of himself smiling and carrying a sink to the building.

The visit came days ahead of the deadline to complete his Twitter takeover bid.

Delaware’s court of chancery has given Mr Musk until Friday to close an agreement to acquire the company.

Mr Musk in a tweet on Wednesday said “Entering Twitter HQ – let that sink in.”

“Meeting a lot of cool people at Twitter today,” the tweet reads.

Earlier, Mr Musk changed his Twitter profile to refer to himself as “Chief Twit” and his location as Twitter headquarters.

Mr Musk currently owns 73,486,938 shares of Twitter, which represents a 9.2 per cent stake in the company.

On 14 April, Mr Musk offered to buy 100 per cent of Twitter for $54.20 per share in cash.

Upon completion of Twitter’s sale, the company would have become privately held.

It was to be the biggest social media acquisition, surpassing the $26.2 billion buyouts of Linkedin by Microsoft.

On 5 May, Mr Musk announced he has secured $7 billion in new funding to fund the Twitter takeover.

On 13 May, Mr Musk, however, announced he has halted his $44 billion Twitter takeover. Mr Musk said he needed to resolve concerns over the number of fake or spam accounts on the platform.

On 8 July, Mr Musk announced he was terminating the takeover bid. Mr Musk said his decision was due to Twitter’s “breach” of multiple provisions of the merger agreement.

Following his termination, Twitter, however, pursued legal action to enforce the merger agreement and a trial date was fixed for 17 October.

Two weeks before the trial was scheduled to begin, Mr Musk offered to proceed with the Twitter takeover bid.

According to a letter by Skadden Arps attorney Mike Ringler in a Securities and Exchange Commission filing, on Monday, Mr Musk said he would “proceed with the transaction on the original terms, pending receipt of the debt financing for the deal provided that the Delaware Chancery Court entered an immediate stay of the action.”

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