Banks Begin to Turn Over Money for Musk’s Takeover of Twitter

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Twitter
Twitter

Several banks have started to send $13 billion in cash for US billionaire entrepreneur Elon Musk’s takeover of the Twitter social media, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.

According to the sources, Musk sent a borrowing notice to the banks late on Tuesday to provide funds for the takeover. The banks will deposit funds into an escrow account after the debt contracts with Musk are finalized.

The funds are expected to be made available for Musk to execute the takeover of the social media by Friday, as soon as final closing conditions are met, the sources said.

Earlier on Wednesday, Musk updated his Twitter biography to “Chief Twit” ahead of the reported closing deal on the acquisition of the social media company later this week.

Several media outlets posted a video showing Musk entering Twitter’s main office in San Francisco, California, holding an object that looked like a sink.

On Monday, Bloomberg reported that Musk informed the relevant debt bankers of his intention to close the acquisition deal of Twitter by Friday.

The bankers are finalizing a $13 billion credit agreement to bring the acquisition deal closer to completion, the report said.

Musk’s purchase of Twitter was delayed by legal disputes between himself and the company about the number of fake accounts on its social media platform, which Musk alleged was much higher than the company reported.

Earlier this month, Musk decided to proceed with the acquisition of Twitter as part of his attempt to create “X, the everything app.”

Also on Monday, Twitter employees sent a letter demanding that Musk and the company’s Board of Directors keep their jobs and relevant benefits if the deal to acquire the social media platform goes through amid rumors of a planned layoff of 75% of the workforce.

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