Elon Musk visits Twitter HQ after giving banks funding notice
Behind the scenes, the banks financing Musk’s deal have begun handing over the cash he needs for the purchase.
October 26, 2022 9:14pm
Updated: October 26, 2022 9:18pm
Tech mogul Elon Musk, who is in the process of buying Twitter, visited its San Francisco headquarters on Wednesday as banks began turning over $13 billion in cash to help him complete the deal.
The SpaceX and Tesla CEO tweeted a cheeky video of him carrying a white porcelain bathroom sink through the glass doors of the California office.
“Entering Twitter HQ – let that sink in!” he joked, adding in a following tweet that he was “meeting a lot of cool people” there today.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7— Elon Musk (@elonmusk) October 26, 2022
Despite making light on social media, The Wall Street Journal reports that banks have begun depositing $13 billion in cash they agreed to lend Musk into an escrow account.
The process began late Tuesday after the tech billionaire sent a “borrowing notice” to the banks financing his Twitter buy, which are typically sent three to five days in advance of when the money is needed. Musk must close the $44 billion deal by Friday or risk going back to court.
The funds will be made available once closing conditions are met, which would allow Musk to execute the transaction.
Twitter’s board unanimously approved Musk’s offer to buy the company at $54.20 per share in April but has since been mired in legal drama as the tech CEO attempted to back out.
Musk has promised to make substantial changes to the social media platform once he takes charge, including softening its stance on content moderation in the name of free speech, which has alarmed some existing employees and heavy users.
Twitter told employees in an internal message they would hear directly from Musk on Friday, according to messages reviewed by The Wall Street Journal.
The richest man in the world also changed the bio section of his Twitter profile to “Chief Twit” – a pun using another word for “fool” – and location to “Twitter HQ.”