Elon Musk completed the agreement to buy Twitter within the October 28 set by the court.
For this, Elon Musk is borrowing 13 billion dollars from 7 banks. Bankers say the massive amount of loans will put additional pressure on the banking sector, suffering from a youth crisis.
Elon Musk is playing with the purchase of the microblogging site ‘Twitter’. Musk announced his purchase of Twitter in April of this year. But Elon Musk disengages from his decision to buy Twitter, accusing it of hiding information about spam and fake accounts. The shareholder of Twitter filed a case against Musk for this decision. The court ruled that Musk must buy Twitter by October 28. Finally, on the last day of the court deadline, Musk completed the agreement to buy Twitter. In preparation for this, Musk sat on a video conference on Monday with the Bank Officer and Called for a loan of 13 billion dollars.
Bank’s position on giving the loan
Elon Musk will pay this debt to 7 banks, whereas four banks will give most of this money. Usually, banks take up to 30 days to give this massive amount of money on loan. But Musk asked to provide the loan amount within four days, which has put pressure on the banks because banks are already suffering from a youth crisis.
Elon Musk wants to lay off 75% of Twitter workers
After taking charge of Twitter, Elon Musk fired the present CEO of Twitter, Parag Agarwal. Based on several interviews and regarding files, Washington Post published a report. This report states Twitter will fire 75% of Twitter workers in the coming month. Twitter’s current management is looking to save $800 million in payroll costs by the end of next year. That means about a quarter of the workforce will leave Twitter. However, it is not the fact that the workers are being fired after Elon Musk took responsibility for Twitter. According to various documents, the Twitter authorities had made extensive arrangements to cut staff and infrastructure costs before Musk took over.
Elon Musk entered the Twitter office with a sink
Before ending the court deadline on October 28, Elon Musk entered Twitter Headquarters in San Fransisco holding a sink. After visiting Twitter Office, Musk also changed his Twitter bio to ” Chief Twit “. He also posted a video regarding this on Twitter.
Meanwhile, Twitter’s share price rose to $53.18 cents on the news of Musk’s purchase of Twitter. Where Musk buys Twitter 54 dollars 20 cents per share. Elon Musk is spending a total of 44 billion dollars to buy Twitter.