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Banks sell down more X debt; just $1.3 billion now left on their books

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Banks led by Morgan Stanley have sold to investors another chunky portion of loans that formed the $13 billion debt supporting Elon Musk's $44 billion acquisition of Twitter, now X, in 2022, a source with knowledge of the deal said.
The article from Reuters discusses how banks have significantly reduced their exposure to debt issued by X Corp, formerly known as Twitter, following its acquisition by Elon Musk. Initially, banks like Morgan Stanley, Bank of America, and Barclays were left with $13 billion in debt after the deal. However, they have managed to sell down this debt, with only $1.3 billion remaining on their books. This reduction comes after the banks sold off portions of the debt at discounts, with some of the debt being sold to asset managers like BlackRock, and others being offloaded to investors at prices as low as 65 cents on the dollar. The process has been part of a broader strategy to mitigate risk associated with the high-profile acquisition, which saw X Corp's valuation and financial stability come under scrutiny.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/banks-sell-down-more-x-debt-just-13bln-now-left-their-books-2025-02-14/ ]