Elon Musk pledges to close Twitter acquisition by Oct. 28 deadline
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Elon Musk has reportedly told bankers funding his $44 billion acquisition of Twitter that he plans to close the deal by Friday.
Sources familiar with the matter told Bloomberg that the banks, who are providing $12.5 billion in debt financing, have finished putting together a final credit agreement and are in the process of signing the paperwork. Banks backing the deal include Morgan Stanley, Bank of America and Barclays.
Additionally, CNBC's David Faber tweeted that the deal's equity investors have received paperwork from Musk's lawyers to prepare for the deal's closing. The equity investors include Oracle co-founder Larry Ellison, cryptocurrency exchange Binance, Sequoia Capital, VyCapital, Andreessen Horowitz Capital Management, Qatar Holding and Brookfield Asset Management.
Representatives for Twitter declined to comment. Representatives for Musk did not immediately return FOX Business' request for comment. As of the time of publication, Twitter shares are up 24% year to date.
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In April, Musk agreed to acquire the social media giant and take it private for $54.20 per share.
In July, he notified Twitter that he was planning to terminate the deal after claiming the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. Twitter maintains that spam and fake accounts make up less than 5% of its total users.
In response, Twitter filed a lawsuit against Musk, accusing him of refusing to honor his obligations under the agreement because "the deal he signed no longer serves his personal interests." Musk proceeded to file a countersuit, which was amended last month to include allegations from a whistleblower and former Twitter security chief Peiter "Mudge" Zatko.