Elon Musk told the bankers funding his $44 billion purchase of Twitter that he intends to close the deal on Friday.
Musk told the banks during a Monday video conference that he would close the transaction on Oct. 28, according to Bloomberg. The banks are cooperating with Musk to provide more than $13 billion in debt financing and are in the process of finalizing a credit agreement that will allow them to send the cash to Musk to complete the purchase.
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The bank funding was one of several conditions on which Musk’s offer to buy the company was contingent. The second condition was a stay to Twitter’s lawsuit, which was scheduled to occur in court between Oct. 17 and Oct. 21. Musk convinced the judge overseeing the case to enact a temporary stay to the trial until Friday.
Musk reportedly shared plans with prospective investors expressing a desire to cut Twitter’s workforce by 75%, according to documents acquired by the Washington Post. While Twitter has denied these plans, employees have already begun to leave the company due to distrust in leadership and concerns about Musk’s vision for the company.
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Musk is also facing pressure from federal regulators. While early reports alleged that the White House would review Musk’s Twitter deal over concerns about foreign funders, the White House said on Monday that the reports are “not true.”
