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Wall Street Banks to Sell $3 Billion in Musk's X Debt

1/25/2025

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Summary

Story summary

Wall Street banks, including Morgan Stanley and Bank of America, plan to sell up to $3 billion in debt from Elon Musk's platform X.
They aim to sell senior debt at 90-95 cents on the dollar while retaining junior holdings.
Musk describes X's revenue situation as "dire," with equity investors reducing stakes by up to 78%.
Banks remain optimistic that improved financials and Musk's connections may attract buyers.
These banks previously financed Musk's $44 billion Twitter acquisition in 2022, totaling around $13 billion in loans.

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Story summary

Wall Street banks, including Morgan Stanley and Bank of America, plan to sell up to $3 billion in debt from Elon Musk's platform X.
They aim to sell senior debt at 90-95 cents on the dollar while retaining junior holdings.
Musk describes X's revenue situation as "dire," with equity investors reducing stakes by up to 78%.
Banks remain optimistic that improved financials and Musk's connections may attract buyers.
These banks previously financed Musk's $44 billion Twitter acquisition in 2022, totaling around $13 billion in loans.