Elon Musk Issues Statement For Twitter Advertisers; Shares Of Social Media Platform To Be Suspended On NYSE On Friday

Elon Musk Issues Statement For Twitter Advertisers; Shares Of Social Media Platform To Be Suspended On NYSE On Friday

Tesla Chief Executive Officer (CEO) billionaire Elon Musk issued a statement on Thursday in a tweet regarding the takeover of Twitter. In his statement, Musk said that the reason for acquiring Twitter is because he wanted the future of civilisation can debate on a common platform in a healthy manner without resorting to violence.  

Musk has shared his full statement in a tweet.

Shares of Twitter Inc. will be suspended from trading on Friday, the New York Stock Exchange’s website showed, as Tesla Chief Executive Officer (CEO) billionaire Elon Musk faces a court-ordered October 28 deadline to close his $44-billion deal for the social media platform, reported Reuters.

Musk, the world’s richest person, visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the company’s top boss after updating his profile bio to “Chief Twit”.

He posted a video of him walking into the Twitter headquarters carrying a sink on the microblogging site ahead of closing the $44-billion acquisition deal on Wednesday. He shared the video of his visit with the caption, “Entering Twitter HQ – let that sink in!”, he said that he was trying to sink in.

According to the news agency on Tuesday that equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.

The deal’s completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.

The company’s stock closed at $53.35 on the NYSE on Wednesday. They were up about 1 per cent at $53.90 in extended trading, slightly below Musk’s offer price.

The banks that committed to fund Musk’s buyout of Twitter have finished putting together the final debt financing agreement and are in the process of signing the necessary documents.

Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal.

Twitter, however, declined Reuter’s request to comment. Musk’s lawyers were not immediately available for comment.

Meanwhile, after reports emerged that Tesla CEO is planning “to cut 75 per cent of Twitter staff if he takes over”, employees at the microblogging platform recently warned Musk that mass layoffs would be “reckless”.

Twitter tried to quell concerns of employees over reports of Tesla chief laying off the workforce as part of his takeover and clarified to employees that there haven’t been plans for companywide layoffs since it signed a deal to be acquired by the billionaire.

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