Banks unloaded $5.5 billion of debt holdings in X that they have been stuck with since 2022, when Musk acquired the site formerly known as Twitter.
Wall Street banks on Wednesday sold billions of dollars in X debt holdings thanks to a surge in investor interest as the social network adds big advertisers and Elon Musk gains clout in Washington, according to a report.
That was up from a sale pegged at $3 billion just days earlier, according to reports. Investors agreed to buy the loans at 97 cents on the dollar — up from plans to sell around $3 billion worth of debt holdings at 95 cents on the dollar — after seeing a spike in investor demand, according to the report.The floating-rate debts carry an interest rate of approximately 11%, with borrowing costs above even the riskiest loans on Wall Street, the Journal said.
On Friday, Morgan Stanley bankers and X’s chief executive, Linda Yaccarino, gave a presentation on X’s improving financials during a meeting with potential investors.
Banks Elon Musk Wall Street X (Formerly Twitter)
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