by Kyle Becker at Becker News
Elon Musk’s takover of Twitter is happening. The news broke on Wednesday night that billions of dollars in cash have begun transferring to the banks involved in the deal.
“Banks have started to send $13 billion in cash backing Elon Musk’s takeover of Twitter Inc., 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,” the Wall Street Journal reported.
“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,” WSJ added. “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,” WSJ noted.
On Wednesday, Elon Musk tweeted a video of himself walking triumphantly into Twitter headquarters ahead of his $44 billion takeover…Continue Reading