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 final details of the debt contracts, the people said.