Elon Musk plans to close Twitter deal by Friday. The latest updates

The clock is ticking for Elon Musk on the Twitter deal. The billionaire needs to close the Twitter deal by Friday, October 28, or face a trial. Musk has reportedly assured co-investors that he will indeed meet the deadline.

Who are the co-investors?

• Sequoia Capital,
• Crypto platform Binance,
• Qatar Investment Authority,
• Saudi Prince Alwaleed bin Talal,
• Oracle Corp co-founder Larry Ellison,
• South Korea's Mirae Asset and
• Banks like Morgan Stanley and Bank of America Corp have promised to help finance Musk's $44 billion acquisition.

The confirmation of closing the deal comes after several twists and turns. According to reports, several banks and investors had walked out of the deal and there were speculation on how Musk was going to manage the acquisition. 

When @elonmusk enters Twitter offices on Friday pic.twitter.com/2qAdNtTvRm

— Whole Mars Catalog (@WholeMarsBlog) October 25, 2022

There are still reports that Musk may have to sell 5-10% of his stake in Tesla to finance the remaining amount of the takeover. 

Twitter report on heavy tweeters: Elon Musk's announcement comes at a time when reports are showing deep problems within Twitter. 

• An internal document of Twitter has shown that 'heavy tweeters' are on the decline. The 'heavy tweeters' who account for less than 10% of monthly users (including serial tweeter Elon Musk) account for nearly 90% of all the tweets generated. 
• According to the report, the global revenue generated through these tweeters, more than half of all the revenue, has been on a decline since the pandemic. 
• Twitter has struggled to keep its most active users engaged with the platform. 

Twitter employee petition: Last week, a report quoting Elon Musk revealed that he was planning to fire 75% of Twitter employees as soon as he takes over. 

reading: an open letter from Twitter employees (draft according to Time) pic.twitter.com/2gJm1IxFu7

— jason@calacanis.com (@Jason) October 25, 2022

• The piece of news isn't going down well with those at Twitter. TIME magazine reported that Twitter employees are running an internal petition protesting against the proposed layoffs. 
• The employees are complaining about being used and treated as pawns in a billionaire's game of chess. They are demanding respect and dignity. 

Elon Musk's takeover of Twitter comes as the Biden administration also mulls a national security review of several of Musk's ventures including his Twitter takeover. Musk's seemingly pro-Russia tweets a while ago and the presence of investors like Saudi Prince and the Canadian-Chinese CEO of Binance in the Twitter deal has also reportedly got the Pentagon's attention.