Through a video conference call, Elon Musk confirmed that he will complete the Twitter acquisition deal within this week.
In April of this year, Elon Musk initiated a contract with Twitter. Through the legal contract, Musk offered a deal for the Twitter company to sell the company at a $44 billion valuation to him. Later Musk refused to buy Twitter because of many bot accounts activities on Twitter, about which Twitter company was not giving full details to Musk. But later on 4 October, Musk renewed his deal and confirmed that he will buy Twitter.
On 25 October, the Bloomberg report confirmed that the Tesla CEO stated through a video conference meeting that he will complete the Twitter acquisition deal on Friday of this week.
Musk’s conference call was actually to collect the funds from banking institutions. Reportedly, Tesla’s CEO is looking to collect a total of $13 billion credit.
Musk’s plan with Twitter
Elon Musk aimed to turn Twitter into a private company and further make it a free speech platform & also to kick out fake/bot accounts, to make a highly user-friendly ecosystem of this giant social media platform.
After the acquisition, Musk will reduce the workforce of the company by 75%. At present, there are a total of 7,000 employees on Twitter and shortly, only 2500 employees will only work under the leadership of the Tesla CEO.
One of the Meme coin lovers asked Musk to make Twitter rich with more fun. Musk responded with “100 emoji”.
This news is acting as a catalyst for Dogecoin. At the time of writing this article, the price of Dogecoin is $0.06 and this price is up by 10% in the last 24 hours.