Elon Musk visited Twitter’s San Francisco headquarters on Wednesday and plans to address staffers on Friday as his $44bn deal to buy the social media platform looks set to inch over the finish line by the end of the week.
The world’s richest man posted a short video of himself on Twitter walking into the social media company’s offices, carrying a sink, with the caption: “Entering Twitter HQ — let that sink in!”
The post is the surest signal yet that Musk will close his acquisition of the platform by the end of this week, in keeping with a deadline imposed by a Delaware court following a turbulent buyout process during which the billionaire entrepreneur and Twitter became embroiled in a bitter legal battle.
Musk on Wednesday also changed his biography on his Twitter profile to read “Chief Twit”.
In an internal memo, seen by the Financial Times, Twitter’s chief marketing officer and head of people Leslie Berland told staff that they would hear directly from Musk on Friday.
“Elon is in the office this week meeting with folks, walking the halls, and continuing to dive in on the important work you all do,” Berland wrote. “If you’re in SF and see him around say hi! For everyone else, this is just the beginning of many meetings and conversations with Elon.” The memo was first reported by Bloomberg.
Musk is expected to cut jobs upon taking control of Twitter, previously telling staffers that the business needed to “get healthy” and undergo a “rationalisation of headcount and expenses”.
Closing the deal will put an end to months of uncertainty for Twitter shareholders, after Musk repeatedly tried to walk away from an April agreement to buy the company for $54.20 a share, citing concerns over fake accounts and cyber security.
Twitter had sued Musk in a bid to force him to complete the deal, with the parties due to go to trial at the Delaware Chancery Court this month. However, Musk subsequently reversed course, saying he was willing to buy the company at the originally agreed price if the legal action was dropped. The court then ordered the parties to find a way to close the deal by October 28 or face a November trial.
On Monday, Musk confirmed on a video call with his advisers that he intended to close the deal, according to people briefed on the matter. Musk’s lawyers at Skadden Arps have now sent paperwork to equity investors in the deal, according to several people familiar with the situation.
Twitter shares were up 1 per cent to $53.38.