Elon Musk has pledged to close his $44 billion Twitter deal by Friday in a video conference call with bankers who are helping fund the deal, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.
The banks have finished putting together the final credit agreement and are in the process of signing the documentation, according to the report, in one of the last steps in moving funds to Musk.
Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs.
Related: Musk Says He Will Buy Twitter For Original $44B Price
Banks, including Morgan Stanley and Bank of America, have committed to provide $13 billion of debt financing to support the deal.
Musk’s original financing package for Twitter included $21 billion in cash and $12.5 billion of margin loans secured against his 16% stake in Tesla, as well as $13 billion in loans from several banks. But, Insider’s Kali Hay reported that at least one investor was looking to pull out of the deal.
The banks, including Morgan Stanley, are finalizing funding, Bloomberg reported on Thursday. The billionaire is still on the hook for another $32 billion, but is likely to sell anywhere from $5 billion to $10 billion in Tesla stock to help finance the deal, Wedbush tech analyst Dan Ives said in a note on Friday.
