Elon Musk visited Twitter Inc (NYSE:TWTR) headquarters yesterday as the court-ordered deadline for his US$44bn takeover of the social media platform nears.
Musk was recorded entering the headquarters in San Francisco carrying a sink and tweeted: “Entering Twitter HQ - let that sink in!”
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
A report by Reuters, quoting a person familiar with the matter, suggested that Musk notified co-investors that he plans to complete the buyout by this Friday.
Some of the investors include banks such as Barclays and Morgan Stanley, which between them agreed to provide nearly US$13bn to the Tesla Inc (NASDAQ:TSLA) chief executive to fund the deal.
However, as is custom with leveraged buyouts like this, reports suggest that rather than selling the debt, the banks will hold on to it until interest rates settle.
Musk’s takeover of Twitter has caused some uncertainty among employees, some of whom have left on their own accord.
Reports suggested that the South African billionaire is looking to axe 75% of Twitter’s employees, although the social media company moved quickly to dismiss this.