Musk Promises Financial Firms to Complete Twitter Acquisition by the 28th

Elon Musk, CEO of Tesla [Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] Elon Musk, CEO of Tesla, has promised financial institutions that he will complete the acquisition of the social networking service (SNS) Twitter by the 28th, Bloomberg News reported on the 25th (local time).

Bloomberg cited sources saying that Musk made this statement during a video conference with banks the previous day. Musk CEO made this promise while borrowing $13 billion from banks including Morgan Stanley as part of the $44 billion (approximately 63 trillion won) funding for the Twitter acquisition.

Sources said that the banks are finalizing and signing the loan agreement on the same day, and the loan funds are scheduled to be held in an escrow account on the 27th. Bloomberg explained, "The recent situation suggests that Musk is in the final stages of completing the Twitter acquisition deal by the 28th."

Earlier, Musk CEO declared the termination of the Twitter acquisition contract in July but reversed this decision on the 5th, three months later, stating that he would acquire Twitter according to the original contract. Accordingly, the Delaware Court of Chancery, which handles corporate disputes, temporarily suspended the lawsuit between Musk CEO and Twitter and ordered the acquisition to be completed by the 28th.

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