Twitter CEO Elon Musk responded to the news that UBS would get a $100 billion credit line in the buyout of Credit Suisse for $2 billion, with one word: wow.
"So UBS buys Credit Suisse, Shareholders don’t get a vote, UBS gets $100 billion credit line from central bank…," Twitter user Wall Street Silver posted. "Crazy times this week. Bandaids flying everywhere to keep the system from falling apart."Billionaire Musk, who purchased Twitter last year, is the founder of SpaceX and the CEO of Tesla.
UBS has a balance sheet of about $1.1 trillion – about twice that of Credit Suisse – and has been more resilient than Credit Suisse in the years since the global financial crisis of 2008.Credit Suisse’s distressed financial position arose from billions of dollars in losses from investments that went bad, and fines imposed by regulators. Its assets dropped from $1.2 trillion in the third quarter of 2008 to $576 billion in the fourth quarter of 2022.
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