Billionaire Elon Musk is set to complete the much-awaited takeover of Twitter (NYSE:TWTR) this Friday. Just as the months-long battle has been nail-biting, Musk is ensuring that the last few days before the saga ends are packed with as much enthusiasm.
Known for his gimmicks, Musk walked into Twitter’s San Francisco office yesterday carrying a white sink. He quipped on Twitter, “Entering Twitter HQ – let that sink in!” He even changed his Twitter bio to “Chief Twit.”
At the same time, there is much anxiety among Twitter employees as the deal nears. Fear of losing jobs and the turnaround strategy that Musk has in mind will be revealed slowly over time. An internal memo sent to employees stated that Musk would directly speak with them on Friday.
On a more important note, here’s how the last few days of the takeover will be shaped:
- Musk has already called on the funding banks with a borrowing notice for $13 billion of the debt portion.
- Banks will deposit the cash in an escrow account until documentation is completed.
- Once the formalities are completed, Musk will receive the $13 billion for the buyout.
- On the other hand, Musk and co-investors will pitch in their part of the financing toward Musk’s equity portion.
- Twitter shareholders will receive the agreed-upon cash proceeds of $54.20 per share.
- Simultaneously, Twitter will become a private company and its shares will be delisted from the New York Stock Exchange (NYSE) effective Friday.
And then Twitter will no longer be a publicly traded company. The much-hyped Musk-Twitter Saga, which was watched closely by investors, analysts, and the common man for every bit of pleasure brought by both parties, will come to an end on Friday.
Here’s how TWTR stock has performed since April, the date when Musk first announced his intent to buy the social media platform.
