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Wall Street banks are close to selling $3 billion in debt linked to Elon Musk’s 2022 takeover of Twitter, now rebranded as X. The sale follows last week’s $5.5 billion debt offload led by Morgan Stanley (NYSE:MS), marking a major shift in investor sentiment amid Musk’s growing influence in U.S. politics.
According to the Financial Times, a consortium of seven lenders, including Bank of America, Barclays (LON:BARC), Mizuho (NYSE:MFG), MUFG, Societe Generale (OTC:SCGLY), and BNP Paribas, originally provided $13 billion to back Musk’s $44 billion acquisition. The banks had held onto the debt for over a year due to initial concerns about the platform’s financial stability.
However, investor interest in X’s debt has surged following the U.S. elections, with Musk seen as increasingly influential in a potential Trump administration. Additionally, Musk has projected revenue growth for X as advertisers return, restoring confidence in the platform’s long-term prospects.
Musk’s takeover was initially met with skepticism, especially after he cut thousands of jobs, including moderation teams, which led to advertiser withdrawals over content safety concerns. Despite these challenges, X is regaining financial momentum as advertising revenue rebounds and Musk’s political ties attract investor attention.
With banks successfully offloading Twitter-related debt, this move signals renewed optimism in X’s financial future, reflecting confidence in Musk’s leadership and the platform’s evolving business strategy.
