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

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/ ]