Elon Musk visits Twitter's headquarters as the deadline for the takeover approaches.
The richest man in the world has until Friday at 5 p.m. ET to complete the takeover deal or he will have to face legal action from Twitter. On Wednesday, it appeared that he changed his platform profile bio to 'Chief Twit.'
If the merger is finalised this week, it will put an end to a tech industry-enthralling, on-again, off-again drama. But it would probably only be the beginning of a time of profound transformation within Twitter, which might have significant global effects.
It's unclear what Musk will accomplish as the company's leader. It is widely expected that he will oversee a relaxation of Twitter's policies and significant cost reductions. He has dabbled in Republican talking lines, ranting against Twitter's 'left-wing' employees, advocating for more 'free speech' on the social media site, and saying he will lift the permanent ban imposed by the late President Donald Trump — perhaps even in time for the midterm elections in November.
Internal pushback in the form of an open letter was issued on Monday in response to a claim that Musk intended to reduce costs by firing as many as 75% of the company's employees. In the letter, it was said that 'we demand to be treated with dignity and to not be treated as mere pawns in a game conducted by billionaires.'
The seriousness of Musk's plan for Twitter cannot be determined simply by looking at its broad, public outlines. According to reports, the CEO of Tesla told investors in July that his company's goal is to quadruple Twitter's income from $5.08 billion in 2021 to $26.4 billion by 2028, a 420% increase.
There seem to be few barriers standing in the way of Musk gaining control of the company after the deal closes because the U.S. government's antitrust approval process for Musk's acquisition of Twitter has been approved.
According to a Bloomberg report from last week, the Biden administration was considering reviewing the Musk acquisition for national security reasons, but a spokeswoman for the government later refuted that claim.
It's possible that Musk will withdraw from the agreement once more, this time at the last minute, citing new legal justifications for why he shouldn't be required to go through with an acquisition at a price that he has acknowledged is significantly higher than Twitter is worth. If that occurs, a potentially nasty confrontation between Musk and Twitter in a Delaware courtroom in November would be certain.