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Wall Street banks prepare sale of up to $3 billion in X loans next week, sources say


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Published in Business and Finance on Saturday, January 25th 2025 at 1:00 GMT by Reuters   Print publication without navigation

  • Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said on Friday.

According to a report by The Wall Street Journal on January 24, 2025, major Wall Street banks are preparing to offload billions of dollars in loans linked to Elon Musk's X Corp, formerly known as Twitter. These loans, which were extended to finance Musk's acquisition of the social media platform, are now being sold at a discount due to concerns over the company's declining advertising revenue and increased debt load. The banks involved, including Morgan Stanley, Bank of America, and Barclays, are looking to mitigate their exposure to the riskier loan as X Corp struggles with its financial restructuring. The sale of these loans at a reduced price reflects broader market skepticism about X Corp's future profitability and stability under Musk's leadership.

Read the Full Reuters Article at:
[ https://www.reuters.com/technology/wall-street-banks-set-sell-billions-dollars-x-loans-wsj-reports-2025-01-24/ ]

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