Banks have started to send $13bn in cash backing Elon Musk’s takeover of Twitter according to people familiar with the matter, the latest sign the $44bn deal for the social-media company is on track to close by the end of the week after months of twists and turns.

Musk late on 25 October 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. That kicked off a process that is currently underway by which banks will deposit funds they are on the hook for into an escrow account after hammering out the final details of the debt contracts, the people said.

Once final closing conditions are met, the funds will be made available for Musk to execute the transaction by the 28 October deadline.

It indicates the deal is on track to close after Musk visited Twitter’s San Francisco office on 26 October. “Enter Twitter headquarters – let him in!” Musk tweeted, accompanying a video of him entering Twitter headquarters with a basin of white water.

Twitter informed employees in an internal message that it would hear directly from Musk on October 28, according to an internal memo reviewed by The Wall Street Journal.

The billionaire also changed his Twitter profile description to “Chief Twit” and added his location as “Twitter HQ”.

Grant notices are usually sent three to five days before funds are needed. Under normal circumstances, these documents are part of the usual closing procedures handled by office staff with little or no mention. But after Musk spent months trying to pull out of the deal to buy Twitter before tipping and agreeing to do so earlier this month, Wall Street and Silicon Valley were wary of evidence that he would indeed follow through.

If Musk goes ahead with the deal as current indications suggest, it will end a six-month corporate drama and Twitter will cease trading publicly, with existing shareholders. receive 54.20 USD per share. The outspoken billionaire entrepreneur is expected to steer the influencer platform in a new direction, having come up with ideas to change Twitter, including limiting content censorship and ushering in a new business model.

Most recently, earlier this month, Musk faced Twitter in a Delaware court over the stalled deal. He argued that the company misled him about his activities, including the amount of spam on his platform. Twitter countered that it was looking for an exit after a market downturn left it cold.

Then, in the days leading up to his removal, Musk changed his mind again and offered to close the deal at the original price. The judge presiding over the legal clash adjourned a trial scheduled for October 17 and gave Musk until October 28 to conclude the case.

Prime Minister Kathaleen McCormick has said that if the deal is not closed by that date, the parties should contact her to schedule a hearing for November

Closing the agreement will not be the end. close the story to the banks that have agreed to help fund it, including Morgan Stanley, Bank of America and Barclays. People familiar with the matter said they were more likely to hold onto the debt than sell it to third-party investors, as is customary in such transactions, until the new year or later. These lenders could face losses of more than $500 million if they try to sell Twitter’s debt at current market levels, as many investors worry about a recession, left exposure to new bonds and risky loans.