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



SAN FRANCISCO — Elon Musk is on monitor to purchase Twitter. For actual this time.

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

The strikes sign the $44 billion deal is on monitor to shut this week, one thing echoed by individuals shut with Musk who spoke on the situation of anonymity to debate delicate issues. Financing is lining as much as finalize the deal.

Twitter’s inventory closed at $53.35 — slightly below Musk’s provide of $54.20, signaling the market believes it would undergo, too.

It’s a far cry from just some weeks in the past, when Twitter and Musk had been locked in litigation after the Tesla chief government tried to again out of his deal to accumulate the social media firm, citing issues with spam and bots.

Elon Musk provides to purchase Twitter for unique value, weeks earlier than trial

On his Twitter account Wednesday, Musk praised the corporate’s capability for enabling “citizen journalism,” and mentioned entities similar to native information organizations “ought to get far more prominence” on the location.

Twitter’s chief advertising and marketing officer, Leslie Berland, despatched an e-mail to workers Wednesday morning saying Musk can be within the San Francisco workplaces and inspired workers to “say hello,” in keeping with a replica considered by The Washington Publish.

Musk later tweeted a video of him strolling into the corporate’s reception space, carrying a sink to point that the fact of his possession ought to “sink in.”

Twitter spokeswoman Rebecca Hahn confirmed a companywide communication that mentioned Musk would tackle the corporate on Friday.

On inside Slack channels, Twitter workers posted movies as Musk made his rounds within the workplace, greeting employees and asking them what they considered totally different Twitter merchandise, such because the subscription service Twitter Blue that the corporate is presently beta-testing.

“This can be a candy workplace,” he mentioned in a single clip described to The Publish. In one other, about 25 individuals gathered round him and requested questions, together with whether or not he actually deliberate to fireside 75 p.c of the workers.

The Publish reported final week that Musk laid out plans to put off practically three-fourths of Twitter’s workers as he seeks to implement aggressive cost-cutting and loosen the location’s content material moderation requirements. Musk mentioned he didn’t plan to take action.

Musk is funding a big portion of the deal by debt from a gaggle of seven main banks. Spokespeople for BNP Paribas and Societe Generale didn’t reply to a request for remark. Spokespeople for Financial institution of America, Barclays, Morgan Stanley, Mizuho and MUFG declined to remark.

Musk’s workforce was pitching traders all through the weekend, the individuals mentioned, as they regarded to minimize his monetary burden within the deal.

Musk shifted his opinion on whether or not to purchase the corporate after a collection of losses in Delaware Chancery Court docket in issues associated to scheduling and discovery, in keeping with the individuals near Musk and his workforce. A loss turned a critical chance if the matter went to trial, risking penalties past merely the shopping for price. And the blows to Tesla’s inventory and Musk’s internet price turned a lingering concern.

Musk acknowledged to overpaying for the location throughout Tesla’s earnings name final week.

Elon Musk reversed course and made a proposal to accumulate Twitter at $54.20 a share, in keeping with a authorized submitting on Oct. 4. (Video: Reuters)

Paperwork element plans to intestine Twitter’s workforce

Musk additionally took solace in his debt and fairness commitments, which locked him into the deal on favorable phrases which may not be in any other case accessible, the individuals mentioned. And he turned excited by his plans for the location.

As Elon Musk expands his attain, Washington worries

The preliminary part of his possession will give attention to expertise — and Musk is predicted to look to his different firms, Tesla and SpaceX, to hunt out specialists who may assist Twitter reverse its fortunes, the individuals mentioned.

Gerrit De Vynck and Elizabeth Dwoskin contributed to this report.