It’s Happening! International Banks Begin Moving Billions in Cash for Elon Musk’s Purchase of Twitter
Elon Musk entered Twitter headquarters on Wednesday carrying a sink.
Elon Musk’s purchase of Twitter is happening.
Banks have started moving billions in cash backing Musk’s takeover of the far left social media giant.
JUST IN Banks have started to send $13 billion in cash backing Elon Musk’s takeover of Twitter, according to people familiar with the matter, WSJ reported
— Insider Paper (@TheInsiderPaper) October 26, 2022
The Wall Street Journal reported:
Banks have started to send $13 billion in cash backing Elon Musk’s takeover of Twitter Inc., TWTR 1.08%increase; green up pointing triangle according to people familiar with the matter, the latest sign the $44 billion deal for the social-media company is on track to close by the end of the week after months of twists and turns.
Mr. Musk late Tuesday sent a so-called borrowing notice to the banks that agreed to provide him with the debt for the purchase, one of the people said. That kicked off a process that is currently under way by which banks will deposit funds they are on the hook for into an escrow account after hammering out final details of the debt contracts, the people said.
Once final closing conditions are met, the funds will be made available for Mr. Musk to execute the transaction by the Friday deadline.
It indicates the deal is on track to close, after Mr. Musk visited Twitter’s San Francisco office Wednesday. “Entering Twitter HQ – let that sink in!” Mr. Musk tweeted, along with a video of himself walking into Twitter’s headquarters carrying a white basin.
Twitter told employees in an internal message that they would hear directly from Mr. Musk on Friday, according to an internal note reviewed by The Wall Street Journal.
The billionaire also changed the bio description on his Twitter profile to “Chief Twit” and added his location as “Twitter HQ.”