May 20, 2024


Technology and Age

Elon Musk dubs himself ‘Chief Twit,’ visits Twitter HQ with deal set to close

Elon Musk dubs himself ‘Chief Twit,’ visits Twitter HQ with deal set to close


SAN FRANCISCO — Elon Musk is on track to purchase Twitter. For authentic this time.

The world’s richest man or woman showed up at Twitter’s San Francisco headquarters Wednesday for conferences with executives and adjusted his bio on Twitter to “Chief Twit.”

The moves sign the $44 billion offer is on keep track of to shut this 7 days, some thing echoed by individuals close with Musk who spoke on the ailment of anonymity to explore delicate matters. Funding is lining up to finalize the deal.

Twitter’s stock shut at $53.35 — just under Musk’s supply of $54.20, signaling the marketplace believes it will go through, far too.

It’s a far cry from just a handful of months in the past, when Twitter and Musk had been locked in litigation immediately after the Tesla main govt tried to back out of his offer to get the social media company, citing complications with spam and bots.

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On his Twitter account Wednesday, Musk praised the company’s potential for enabling “citizen journalism,” and mentioned entities these kinds of as area news corporations “should get way extra prominence” on the web-site.

Twitter’s main marketing and advertising officer, Leslie Berland, despatched an e mail to staff Wednesday early morning declaring Musk would be in the San Francisco offices and inspired employees to “say hi,” in accordance to a copy seen by The Washington Write-up.

Musk later on tweeted a video clip of him going for walks into the company’s reception location, carrying a sink to show that the truth of his ownership must “sink in.”

Twitter spokeswoman Rebecca Hahn confirmed a companywide communication that claimed Musk would tackle the company on Friday.

On inner Slack channels, Twitter personnel posted video clips as Musk made his rounds in the place of work, greeting workers and asking them what they thought of different Twitter items, such as the subscription support Twitter Blue that the enterprise is presently beta-tests.

“This is a sweet workplace,” he explained in a person clip described to The Submit. In another, about 25 individuals collected all around him and requested concerns, like no matter if he seriously planned to fireplace 75 % of the personnel.

The Article reported past week that Musk laid out programs to lay off just about three-fourths of Twitter’s workers as he seeks to put into action intense value-slicing and loosen the site’s written content moderation requirements. Musk reported he didn’t prepare to do so.

Musk is funding a huge portion of the offer by credit card debt from a group of 7 significant banks. Spokespeople for BNP Paribas and Societe Generale did not reply to a request for remark. Spokespeople for Lender of The usa, Barclays, Morgan Stanley, Mizuho and MUFG declined to remark.

Musk’s team was pitching buyers throughout the weekend, the individuals claimed, as they appeared to lessen his fiscal stress in the offer.

Musk shifted his view on no matter whether to obtain the firm after a collection of losses in Delaware Chancery Courtroom in matters relevant to scheduling and discovery, according to the people today near to Musk and his staff. A loss became a really serious possibility if the make any difference went to trial, jeopardizing penalties further than merely the buying price tag. And the blows to Tesla’s inventory and Musk’s web worthy of grew to become a lingering issue.

Musk acknowledged to overpaying for the website during Tesla’s earnings get in touch with final 7 days.

Elon Musk reversed course and created a proposal to purchase Twitter at $54.20 a share, according to a authorized filing on Oct. 4. (Video: Reuters)

Files element plans to gut Twitter’s workforce

Musk also took solace in his personal debt and fairness commitments, which locked him into the deal on favorable terms that could not be or else out there, the persons explained. And he grew to become fired up by his ideas for the website.

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The preliminary period of his possession will concentration on expertise — and Musk is predicted to search to his other companies, Tesla and SpaceX, to look for out specialists who may possibly assistance Twitter reverse its fortunes, the people mentioned.

Gerrit De Vynck and Elizabeth Dwoskin contributed to this report.