Twitter Takeover: Banks Reportedly Begin $13B Cash Turnover After Elon Musk's HQ Visit

Banks that pledged to support Elon Musk's takeover of Twitter have reportedly started turning over a combined $13 billion for the deal to be sealed.

News of the turnover came hours after Musk visited the social media platform's headquarters in San Francisco, California.

The Tesla chief executive officer has sent borrowing notices to banks, officially commencing the process of completing his $44 billion takeover of Twitter, the Wall Street Journal (WSJ) reported Wednesday. Funding notices such as the one sent by Musk to banks are usually delivered three to five days before the funds are needed.

People with knowledge of the matter reportedly told WSJ that banks have since started sending cash for the takeover, prompting talks that the deal is nearing its completion. These individuals explained that once final closing conditions are met regarding debt contracts, the funds will be available to Musk so he can close the Twitter takeover by the end of the week.

An internal message reviewed by WSJ revealed that Twitter told its employees they will hear a word directly from Musk Friday regarding the acquisition.

Musk posted a video of himself visiting Twitter's headquarters Wednesday. In the said clip, the SpaceX founder can be seen happily entering the office while carrying a sink. "Entering Twitter HQ – let that sink in!" he captioned the post.

Musk also changed his Twitter bio to "Chief Twit" and added "Twitter HQ" as his location. He also said he was meeting "a lot of cool people" at the headquarters Wednesday.

Delaware Judge Kathaleen McCormick, who is presiding over the case filed by Twitter against Musk, agreed to hold off the trial until Friday. If Musk fails to complete his acquisition by then, the trial will be on.

Earlier this month, an investor at one of the venture capital entities that promised to back the Twitter takeover said, "We're all trying to get out of it, to be honest," arguing that many investors believe Twitter should not be valued at $44 billion.

It remains to be seen how venture capital organizations that pledged to invest in Musk's Twitter acquisition will move following the recent developments regarding bank turnovers for the deal.

Meanwhile, the mass exodus of Twitter employees continues as recent data revealed that hundreds of staffers have left the company to join other tech giants following reports that Musk is planning to cut 75% of the total workforce once he completes the takeover.