Twitter (NYSE:TWTR) stock is a hot topic among traders today as they react to reports of new backing for Elon Musk’s acquisition of the social media company.
According to insiders, Citadel Securities’ Ken Griffin is offering up $20 million in support of Musk’s deal to buy Twitter. This aligns with previous reports that Griffin is supporting the deal, even if his involvement hasn’t been officially confirmed.
If the reports are true, that’s a strong bit of funding for the Twitter deal, which is set at $44 billion. Investors will also note that Elon Musk also sold shares of Tesla (NASDAQ:TSLA) stock to secure $15 billion for the acquisition.
When Will We Learn More About the Deal?
Elon Musk and Twitter are still hashing out the details, but it won’t be long before this deal enters its final steps. Both the billionaire and the social media platform have agreed on Oct. 28 as a deadline to finalize the acquisition agreement, according to Benzinga.
If the deal goes through, there will likely be some major changes at Twitter. Recent reports claim that Musk intends to drastically reduce the company’s workforce. That would see the executive lay off 75% of its current employees, reducing the headcount by about 5,500 workers.
TWTR stock is down 4.4% as of Friday morning.
Investors seeking more of the latest stock market news are in luck!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.