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Elon Musk only has until the end of this week to close the $44 billion acquisition deal with Twitter or go to court to face trial. Based on the reports, the 51-year-old billionaire needs to complete the transaction by 5 p.m. on Friday, Oct. 28.
According to CNN Business, the countdown comes after a series of delays since the deal was first agreed on in April. Twitter and Musk also engaged in legal battles as the latter expressed his intention to cancel the buyout at one point. The social media giant did not accept this decision and tried to push through with the deal by suing the Tesla and SpaceX founder.
It can be recalled that Musk agreed to buy Twitter six months ago for $54.20 per share, but a few weeks later, he wanted to scrap the deal. He gave some reasons for this move, and one was concerns over the alleged bots on the platform. He also cited the whistleblower’s claims against the company as another ground why he changed his mind.
Twitter eventually took legal action against Musk, and while preparing for the trial that was set on Oct. 17, Musk suddenly said he would move forward with the deal and would pay the originally agreed price. For this, the judge handling the case, Delaware Chancery Court Chancellor Kathaleen St. Jude McCormick, has set the deadline for the closure of the deal on Oct. 28. If Musk fails to do this, he will have to face the trial that was set for November.
Meanwhile, it was reported that South Korean financial service company, Mirae Asset, may help Musk in funding the Twitter deal. The company is said to be currently in talks with the billionaire and planning to commit around KRW300 billion or about $208 million, so Musk could finance the $44-billion buyout of Twitter.
A source told Reuters this week that the agreement with Mirae Asset may soon be finalized since the deadline for the transaction is approaching fast. Finally, this is not the first time that the Korean firm is investing in Musk’s businesses as it was revealed to have previously invested in SpaceX as well.
