Representatives for Elon Musk and Twitter are drafting the paperwork to complete the long-contested $44 billion buyout by the judge-ordered Oct. 28 deadline, sources told Bloomberg.
Bankers and lawyers for both sides have just eight days left to meet the deadline.
Musk has reportedly told prospective investors in his Twitter purchase he plans to cut nearly 75% of Twitter's employee base of 7,500 workers, leaving the company with a skeleton crew, The Washington Post reported Thursday. The newspaper cited documents and unnamed sources familiar with the deliberations.
San Francisco-based Twitter and a representative for Musk attorney Alex Spiro did not immediately respond to messages seeking comment.
While job cuts have been expected regardless of the sale, the magnitude of Musk's planned cuts are far more extreme than anything Twitter had planned.
After his initial $44 billion bid in April to buy Twitter, Musk backed out of the deal, contending Twitter misrepresented the number of fake "spam bot" accounts on its platform. Twitter sued, and a Delaware judge has given both sides until Oct. 28 to work out details. Otherwise, there will be a trial in November.
Information from The Associated Press was used in this report.
© 2023 Newsmax. All rights reserved.