TWTR - Apollo bows out of leading preferred financing on Musk-Twitter deal - Reuters

Apollo Global Management ( NYSE: APO ) is no longer looking to lead the preferred financing portion of Elon Musk's leveraged buyout of Twitter ( NYSE: TWTR ), Reuters reports.

That comes after a dramatic 24 hours-plus in the saga of the $44B take-private deal. On Tuesday, Musk pulled something of an about-face and wrote Twitter that he intended to (conditionally) proceed with the acquisition of Twitter at the previously agreed price of $54.20 per share.

The Tuesday news brought a 22% spike in Twitter shares, erasing much of the discount the shares had to Musk's deal price .

Wednesday afternoon, the judge presiding over Twitter v. Musk et al., Chancellor Kathaleen McCormick, said in a ruling that with no actions from the parties to the contrary, the case was proceeding toward an Oct. 17 trial .

Where Apollo comes in is the question of how quickly Musk can close the deal for Twitter, and with what debt and equity financing. Banks have committed $12.5B in debt toward the deal, while Musk is on the hook for $33.5B that might include any number of equity partners, particularly if you read Musk's texts with friends about the deal .

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