Twitter jumps 3% as Musk's debt, equity partners reportedly told to prepare for closing
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Twitter (NYSE:TWTR) has spiked to a 2.7% gain alongside news that Elon Musk has moved forward on a buyout in two big ways.
Musk's lawyers have submitted paperwork to equity investors in preparation for closing the $44B take-private transaction, CNBC says. And Musk has started the ball rolling with his debt investors, saying to prepare for a Friday close.
As Twitter rises, Tesla (NASDAQ:TSLA) is paring gains; selling Tesla stock was the likely best approach for Musk to raise some $30B of his own money to close the Twitter deal by an Oct. 28 deadline.
Musk on Monday told a video conference of his bankers (funding some $13B in debt financing) that he would close by Friday, Bloomberg reports. Those bankers have finished assembling the final credit agreement.
Musk also reportedly told the bankers he would help market the debt after the deal closes - a key consideration as the banks braced to keep that hefty debt on the books after the turn in credit markets.
Twitter's session high of $53.16 is just 2% below Musk's buyout price of $54.20 per share.