The Strategist

WSJ: Banks begin to finance Elon Musk's Twitter deal

10/27/2022 - 11:22

A number of banks have begun the process of transferring money to support Twitter's acquisition by entrepreneur Elon Musk, reports The Wall Street Journal (WSJ).

James Duncan Davidson
James Duncan Davidson
The newspaper notes that banks have started putting $13 billion into accounts. By Friday, October 28, Elon Musk will be granted access to the funds.

The publication claims that Elon Musk issued a notice to the banks on October 25 in the evening, and they approved a loan for him to buy Twitter.

The plans of Mr. Musk to acquire Twitter were made public in April, but later he withdrew the bid. Twitter brought legal action against the entrepreneur. Elon Musk made the decision to complete the purchase of the social network in October. He must comply with the court's order by October 28.

Bloomberg stated on October 25 that Elon Musk intended to close the purchase of Twitter on October 28. Mr. Musk paid a visit to the social network's California headquarters on October 26 and held a number of meetings there.