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(Bloomberg) -- Elon Musk’s shock proposal to proceed with his acquisition of Twitter Inc. for the original offer price poses a headache at the worst possible time for Wall Street banks already struggling to offload billions of dollars in buyout debt they committed to in better times.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner's Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanBiden, Kishida Condemn North Korean Missile Launch Over JapanStock Shorts Fold in Best Two-Day Rally Since 2020: Markets WrapAfter months of legal drama in an attempt to back out of the deal, billionaire Musk is now willing to buy the social-media giant for $54.20 a share. In a letter his lawyers sent to Twitter, Musk’s acquisition is now pending “receipt of the proceeds of the debt financing.”That means it’s now time for a group of Wall Street banks led by Morgan Stanley to step up. They committed debt financing for the deal back in April, with the intention to sell most of that to institutional investors.If terms of the original $12.5 billion financing package remain the same, bankers may struggle to sell the…

Twitter will become a private company if Elon Musk’s $44 billion takeover bid is approved. The move would allow Musk to make changes to the site. WSJ’s Dan Gallagher explains Musk’s proposed changes and the challenges he might face enacting them. Illustration: Jordan KranseUpdated Oct. 4, 2022 5:28 pm ETElon Musk has offered to close his acquisition of Twitter on the terms he originally agreed to, a sudden and unexpected comedown for the billionaire entrepreneur that could end a monthslong battle he has waged to get out of the $44 billion deal. A lawyer for Mr. Musk communicated the proposal to Twitter’s lawyers Monday, according to a copy of a two-sentence letter that was filed with the Securities and Exchange Commission Tuesday afternoon.

It sure looks like Elon Musk’s $44 billion Twitter takeover is actually happening. On Tuesday, representatives of the billionaire notified Twitter through a letter that he intends to move forward with the tumultuous deal, confirming earlier reports that things were back on track. “We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein,” reads the notice, which was filed with the Securities and Exchange Commission. Musk and Twitter were headed to court over the deal, with the Tesla and SpaceX chief executive claiming that Twitter had misled him over the number of bots that existed on the social network. Without providing evidence of his claims, Musk has alleged that as much as 20% of Twitter’s user base consisted of “fake/spam accounts.” Twitter has long maintained that less than 5% of its “monetizable daily active users” — a subset of its user base provided as a metric for advertisers — are bots. However, it now seems that Musk no longer intends to press the issue.  “We received the letter from the Musk parties which they…

AP Photo/Matt DuriskoThe Pittsburgh Steelers made a long-awaited change at quarterback Sunday, replacing Mitch Trubisky with rookie Kenny Pickett in the second half against the New York Jets.Unfortunately for Pittsburgh, the Jets managed to steal a 24-20 road win with a late touchdown, but Pickett's gutsy effort in his first NFL action should not be overshadowed.The 24-year-old looked comfortable and injected some energy into the Steelers offense in the second half. Pickett scored on two rushing touchdowns to give Pittsburgh a 10-point lead in the fourth quarter. However, he had some trouble in the passing game as he threw three interceptions.Pickett's first career pass was picked off on a tipped ball. He then threw another pick in the fourth quarter that allowed New York to put together a late touchdown drive. Pickett's Hail Mary attempt was then picked off in the end zone as time expired.While Pickett had an up-and-down performance, he did enough to earn some praise from fans on social media who are excited to see what he can do as the full-time starter.Daniel Valente @StatsGuyDanielThe Steelers offense showed more energy in 15+ minutes with Kenny Pickett than they arguably did in 3 games with Mitch Trubisky.Pat McAfee…

Twitter wants a Delaware court to order Elon Musk to buy the social media service for $44 billion, as he promised back in April. But what if a judge makes that ruling and Musk balks? The Tesla billionaire's reputation for dismissing government pronouncements has some worried that he might flout an unfavorable ruling of the Delaware Court of Chancery, known for its handling of high-profile business disputes.Musk hopes to win the case that's headed for an October trial. He's scheduled to be deposed by Twitter attorneys starting Thursday.But the consequences of him losing badly — either by an order of “specific performance” that forces him to complete the deal, or by walking away from Twitter but still coughing up a billion dollars or more for breach of contract — has raised concerns about how the Delaware court would enforce its final ruling.“The problem with specific performance, especially with Elon Musk, is that it’s unclear whether the order of the court would be obeyed,” retired Delaware Supreme Court Justice Carolyn Berger told CNBC in July. “And the courts in Delaware — courts all over — are very concerned about issuing a decision or issuing an order that then is ignored, flouted.”Berger,…

McClung goes viral, wows Japan crowd with between-the-legs dunk originally appeared on NBC Sports BayareaMac McClung continues to excite the internet.Dub Nation and the rest of NBA Twitter went bonkers over a video of the 23-year-old guard before Saturday’s matchup with the Washington Wizards at Saitama Super Arena in Japan, which shows him getting some serious air on an unreal between-the-legs dunk.McClung’s dunking display during warmups elicited an amazed roar from the crowd, who were treated to two Warriors-Wizards preseason games this week. On the internet, the clip had amassed nearly 400,000 views by Sunday morning and some impressed replies.And when all was said and done, Golden State walked away with a pair of wins. McClung didn’t play in the first game Friday, but put up nine points on 4-of-6 shooting with two assists and two steals in 12 minutes during Game 2, which the Warriors won 104-95.After impressing during this year’s summer league, McClung agreed to a one-year, non-guaranteed deal with the Warriors in July, allowing him to compete for one of the team’s final roster spots in training camp.McClung’s pregame dunk -- made all the more impressive by his 6-foot-2 frame -- showed exactly why the Warriors see…

Illustration by Mitchell Preffer for DecryptBitcoin and Ethereum managed to escape a broader slide this week as the market briefly reclaimed a trillion dollar market capitalization. XRP, Cardano, Chainlink and Cosmos posted the biggest losses among the twenty leading currencies.The week began on crypto Twitter with Ukraine DAO—a decentralized autonomous organization (DAO) that has so far raised millions for Ukraine’s defense and relief work since the start of the Russian invasion—tweeting that it is setting up “Iran DAO” to support Iranian women, many of whom have been protesting against Iran’s islamist regime since the death of activist Mahsa Amini in police custody on September 16.That day, hacker Corben Leo made the elusive world of white hat hacking a little more transparent. A white hat hacker is typically a cybersecurity vigilante who finds vulnerabilities in code and exploits them, typically in order to claim the bounty for doing so. Also on Monday, a cybersecurity researcher named James Edwards published a theory that last month’s $160 million Wintermute hack was an inside job. Edwards’s claims have yet to be corroborated by other blockchain security experts, but some believe it’s certainly a possibility.On Tuesday, Cameron Winklevoss, who co-founded crypto exchange Gemini with his identical…

Through all the backlash and public outcry involving Tua Tagovailoa's injuries this week, what's most important is his health.Tagovailoa was hospitalized after suffering head and neck injuries on Thursday but was discharged after roughly two hours and flew back to Miami with the team.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Miami Dolphins quarterback Tua Tagovailoa runs onto the field before the team's game against the Cincinnati Bengals, Thursday, Sept. 29, 2022, in Cincinnati.  (AP Photo/Joshua A. Bickel)Head coach Mike McDaniel told reporters Friday that he was in good spirits on the plane late Thursday and on Friday, and the quarterback himself took to Twitter to give fans a positive update. Miami Dolphins quarterback Tua Tagovailoa looks to the sidelines during the first half of an NFL football game against the Cincinnati Bengals, Thursday, Sept. 29, 2022, in Cincinnati. Tagovailoa suffered a second frightening injury in five days when he was carted off the field Thursday. (AP Photo/Jeff Dean)TUA TAGOVAILOA'S HOSPITALIZATION SPARKS SUPPORT FROM NFL WORLD, CRITICISM OVER HANDLING OF LAST WEEK'S INJURY"I want to thank everyone for all of their prayers and support since the game last night," he tweeted Friday. "It was difficult to not be able to…

Photo: Vladimir Valdimirov (Getty Images)Where do you get your memes from? Your jokes? Your “slang?” Black Twitter is the answer. For decades now Black folks have been carrying the app with daily thoughts, jokes and personal essays. However, there are some legendary moments in Twitter history where Black users have set off a new trend with their storytelling and reactions to what’s buzzing.This list is only a glimpse of the greatness we’ve witnessed. ZolaI was in a sophomore in high school when I came across the longest, insane yet entertaining and well-written Twitter thread. You wanna talk about records? This was the longest thread ever and transcended the trend of storytelling on Twitter. Here’s the skinny: a Black stripper goes on a strip trip with a white stripper and almost gets sucked into being pimped out. Trust me, the read is worth your 15 minutes. According to Rolling Stone, she’s been living her best life since her story went viral. Oh! And they made a movie about it.Negro SolsticeThe weather is getting cold y’all. No, don’t start singing Silent Night by The Temptations. That’s not what I’m talking about. I’m talking about December 21, 2020 when Black people got their…