One reason why Musk bought Twitter this week is because he had little choice.
A sign is pictured outside the Twitter headquarters in San Francisco, Wednesday, Oct. 26, 2022. A court has given Elon Musk until Friday to close his April agreement to acquire the company after he earlier tried to back out of the deal. and fired its CEO and other top executives. Trading in company shares was suspended Friday on the New York Stock Exchange and the stock will be officially delisted early next month, according to a filing with securities regulators.
A group of banks, including Morgan Stanley and Bank of America, signed on earlier this year to loan $12.5 billion that Musk needed to buy Twitter and take it private. Solid contracts with Musk bound the banks to the financing, although changes in the economy and debt markets since April have likely made the terms less attractive.
Billionaire Saudi Prince Alwaleed bin Talal said Friday that he and his Kingdom Holding Company rolled over a combined $1.89 billion in existing Twitter shares, making them the company's largest shareholder after Musk. Another equity investor, the cryptocurrency exchange Binance, confirmed Friday that it put in $500 million.
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