Wall Street banks get rid of Musk's last X company debt

Golden Finance reports that the largest banks on Wall Street have finally emerged from the $13 billion debt quagmire created by Musk. According to insiders, on Monday, Wall Street banks sold the final portion of the debt they borrowed for Musk's acquisition of Twitter in 2022. This batch of $1.2 billion loans was sold at 98% of their face value. This sale can be said to be delayed. In April 2022, Morgan Stanley, Bank of America, and five other banks agreed to provide loans to help Musk acquire Twitter. The plan is to split approximately $13 billion in debt, sell it to investors, and earn millions of dollars in fees. But by the time the transaction was completed, the market had plummeted and investors were cautious about betting on Twitter's debt. These neglected loans have been sitting on the bank's balance sheet for over two years, and the financial prospects of X Company, which has been renamed from Twitter, look increasingly bleak. By the summer of 2024, the transaction of X company is considered the worst acquisition deal that banks have agreed to finance since the 2008 financial crisis. (Wall Street Journal)