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

Maria J. Smith

Remark

SAN FRANCISCO — Elon Musk is on monitor to get Twitter. For authentic this time.

The world’s richest person confirmed up at Twitter’s San Francisco headquarters Wednesday for conferences with executives and changed his bio on Twitter to “Chief Twit.”

The moves sign the $44 billion offer is on track to close this 7 days, a little something echoed by people shut with Musk who spoke on the condition of anonymity to go over sensitive matters. Funding is lining up to finalize the offer.

Twitter’s stock shut at $53.35 — just underneath Musk’s supply of $54.20, signaling the current market believes it will go by means of, also.

It is a far cry from just a several weeks ago, when Twitter and Musk had been locked in litigation following the Tesla chief govt attempted to back again out of his offer to purchase the social media firm, citing complications with spam and bots.

Elon Musk features to invest in Twitter for initial selling price, weeks right before demo

On his Twitter account Wednesday, Musk praised the company’s potential for enabling “citizen journalism,” and claimed entities these as local news corporations “should get way far more prominence” on the site.

Twitter’s main internet marketing officer, Leslie Berland, despatched an email to staff members Wednesday early morning stating Musk would be in the San Francisco places of work and inspired staff to “say hi,” according to a copy seen by The Washington Submit.

Musk afterwards tweeted a video clip of him going for walks into the company’s reception area, carrying a sink to suggest that the fact of his possession really should “sink in.”

Twitter spokeswoman Rebecca Hahn confirmed a companywide interaction that mentioned Musk would handle the business on Friday.

On inside Slack channels, Twitter workers posted movies as Musk produced his rounds in the office, greeting personnel and inquiring them what they believed of unique Twitter goods, these as the membership provider Twitter Blue that the enterprise is currently beta-screening.

“This is a sweet business,” he reported in one clip explained to The Write-up. In an additional, about 25 people today collected all-around him and asked issues, which includes irrespective of whether he truly planned to hearth 75 % of the team.

The Write-up documented final week that Musk laid out ideas to lay off practically 3-fourths of Twitter’s staff members as he seeks to apply intense expense-chopping and loosen the site’s articles moderation expectations. Musk reported he did not prepare to do so.

Musk is funding a significant portion of the deal by financial debt from a group of seven big banking companies. Spokespeople for BNP Paribas and Societe Generale did not respond to a ask for for comment. Spokespeople for Bank of The usa, Barclays, Morgan Stanley, Mizuho and MUFG declined to remark.

Musk’s crew was pitching buyers throughout the weekend, the individuals reported, as they appeared to lessen his economical burden in the offer.

Musk shifted his belief on whether or not to get the firm soon after a collection of losses in Delaware Chancery Courtroom in matters associated to scheduling and discovery, according to the folks shut to Musk and his workforce. A decline turned a major risk if the matter went to demo, jeopardizing penalties beyond just the purchasing price. And the blows to Tesla’s stock and Musk’s web truly worth became a lingering concern.

Musk acknowledged to overpaying for the internet site in the course of Tesla’s earnings contact previous week.

Elon Musk reversed system and made a proposal to purchase Twitter at $54.20 a share, in accordance to a lawful submitting on Oct. 4. (Video clip: Reuters)

Files depth designs to intestine Twitter’s workforce

Musk also took solace in his debt and fairness commitments, which locked him into the deal on favorable conditions that might not be usually available, the people today reported. And he turned fired up by his strategies for the web-site.

As Elon Musk expands his access, Washington concerns

The preliminary period of his ownership will concentration on talent — and Musk is expected to look to his other businesses, Tesla and SpaceX, to find out professionals who might support Twitter reverse its fortunes, the persons claimed.

Gerrit De Vynck and Elizabeth Dwoskin contributed to this report.

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