According to reports, the acquisition of social media platform Twitter by billionaire Elon Musk is looking to reach completion by Friday, October 28.
According to Bloomberg sources, the banks that are helping with the roughly $13 billion in financing for the Twitter deal have finished the final credit agreement, one of the last steps before transferring the money to Elon Musk, as Musk promised on October 24.
According to Reuters sources, Musk has also reportedly informed his co-investors, who include venture capital company Sequoia Capital, cryptocurrency exchange Binance, and Qatar’s Investment Authority who are helping him fund the acquisition, by turning over papers for the financing commitment.
Changpeng Zhao, CEO of Binance, reiterated his support for Musk’s takeover on October 25 at a conference in Saudi Arabia, according to Bloomberg.
The most recent developments in the transaction indicate that Musk appears to have complied with a court-imposed deadline established by a Delaware judge in early October when Musk filed his intention to move forward with closing the deal at the original $44 billion price after initially wanting to back out in July.
Musk wants to complete the deal at a share price of $54.20. According to Yahoo Finance, Twitter stock prices increased after the news, completing the day at $52.78 per share and up 2.45% overall.
The reduction of cryptocurrency scam tweets is Musk’s proclaimed “top objective” for the site. Previously, Musk had planned to charge users 0.1 Dogecoin, or less than half a penny, to post on Twitter, but later acknowledged that this wouldn’t be possible.
Twitter is reportedly developing a crypto wallet
According to security researcher Jane Manchun Wong, who was named to Forbes’ 30 under 30 list for her high-profile tech leak scoops, the disclosure comes a few days after speculations surfaced that Twitter may be developing a bitcoin wallet.
She stated on Twitter on October 25 that the site was developing a “wallet prototype” that handles “crypto deposit and withdrawal,” but she didn’t back up her assertion with any information.
While internal Twitter documents obtained by Reuters on October 26 suggest the platform is having trouble retaining its most active users—those who log in up to seven days a week and tweet at least three times per week—the news that Musk’s deal is about to expire comes at the same time.
These heavy users account for 90% of all tweets on the network and over half of Twitter’s global revenue, but make up less than 10% of all monthly users overall.
The leaked data also revealed that interest in news, sports, and entertainment has decreased over the past two years, but interest in cryptocurrencies has increased and has become one of the most popular topics among heavy English-speaking users.
