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Elon Musk updates his Twitter bio to "Chief Twit"
Elon Musk
Elon Musk has updated his Twitter bio to "Chief Twit", hinting the Twitter deal is likely to end soon.
Future Twitter Chief Elon Musk has hinted that the $44 billion Twitter deal will likely end soon. He even updated his Twitter bio to "Chief Twit."
Elon Musk entered Twitter's headquarters in San Francisco, California, with a lavatory ahead of the formal closing of the $44 billion Twitter deal. He also posted a video on the platform with the caption: "Entering Twitter HQ: let that sink in!"
The Tesla boss is sure the deal will be done this time, as his Twitter bio is now updated to "Chief Twit." Musk first offered to buy Twitter in early March but backed out of the deal in July. After the social media giant sued the 51-year-old billionaire, he offered to buy back the company at the same price. The court that heard the matter ordered Musk to close the deal by October 27.
Meanwhile, the Wall Street Journal, citing people familiar with the matter, reports that banks have begun sending $13 billion in cash to support Musk's takeover of Twitter. This offers a clearer sign that the deal may soon close by the end of the week. Once the final closing conditions are met will make the funds available for Musk to execute the transaction before the Friday deadline.
It's unclear what convinced Musk to buy back Twitter, but some reports speculate that the Tesla boss doesn't want details of the initial proceedings made public. More internal details emerged online after Twitter presented conversations between Musk and Twitter executives, including current CEO Parag Agrawal and former boss Jack Dorsey in court. Private messages highlighted that Musk was initially reluctant to join Twitter's board. It was also confirmed by Agrawal in a tweet.
In fact, after investing in Twitter but before announcing his offer to buy it, Musk and Parag exchanged a couple of text messages that clearly hinted at a breakup. Musk, as his texts indicate, doesn't think Parag is the kind of person who can manage Twitter. A recent report noted that Musk would likely lay off 75 per cent of the workforce once the Twitter deal is finalized. His decision derives from saving the cost of operating the company. This will reduce the headcount from 7,500 to 2,000.
