Twitter takeover: As Elon Musk visits HQ, banks transact $13 billion in cash for deal

Banks that vowed to back Elon Musk's acquisition of Twitter have reportedly begun disbursing a combined $13 billion to finalise the deal.

A few hours after Musk visited Twitter's headquarters in San Francisco, California, word of the transfers broke.

The CEO of Tesla has formally started the $44 billion buyout of Twitter by sending borrowing notifications to banks, the Wall Street Journal (WSJ) reported on Wednesday. Funding notices, like the one Musk issued to the banks, are typically delivered three to five days prior to the requirement for the funds.

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

Earlier, Musk shared a video of his visit to Twitter's corporate headquarters. The SpaceX founder is shown cheerfully walking into the office carrying a bathroom sink. "Let it sink in," he wrote in the post's description as he entered Twitter HQ.

Twitter had filed a lawsuit against Musk, and Delaware Judge Kathaleen McCormick is presiding over it. She agreed to delay the trial until Friday. The trial will begin if Musk doesn't complete his acquisition by then.

It is unclear how venture capital firms that committed to funding Musk's purchase of Twitter will react to recent events involving bank turnovers for the transaction.

As a result of claims that Musk intends to eliminate 75% of the company's workers after he completes the takeover, a recent data analysis indicated that hundreds of employees had left Twitter to work for other internet behemoths.

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