Oct 26, 2017: 03:37pm
On Wednesday, Musk shared the news with a video on the social media platform.
If Musk doesn't follow through with his acquisition by Friday's court mandated deadline, they will face off at trial in Delaware.
A short time later, Musk posted a video of himself at the San Francisco headquarters of the micro-blogging site.
According to a memo sent to staff, the world's richest man will speak to them on Friday.
The most definitive news is that the deal will close at $54.20 per share. According to the report, Musk told the banks that he would complete his acquisition on the original terms. According to the co-head of mergers and acquisitions at JP Morgan, he thinks the deal will go through. After Musk tried to back out of his plan to take the company private, a trial will be held to determine if the deal goes through. The trial was put on hold after Musk wrote to the company.
According to documents seen by the Washington Post, Musk plans to cut a third of his staff.
27%. Since Musk's letter agreeing to follow through with the deal went public, the share price of the social media company has gone up. The company's stock rose 1% to $53.37.
According to a report, Musk told bankers he would buy the social network by Friday.