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Wall Street banks, led by Morgan Stanley, are preparing to sell up to $3 billion in debt tied to Elon Musk's social media platform X, previously known as Twitter. Sources revealed that Morgan Stanley bankers have already approached investors, with the sale expected next week. The debt stems from Musk's $44 billion acquisition of X in 2022, financed by lenders including Bank of America and Barclays.
The banks aim to recover 90 to 95 cents on the dollar, according to the Wall Street Journal. Originally, lenders faced significant challenges in offloading this debt due to the platform's declining revenue. Musk’s sweeping changes, such as mass layoffs and controversial posts, deterred advertisers, increasing default risk and lowering the debt’s value.
Previous efforts to sell the debt in late 2022 resulted in bids reflecting up to a 20% loss on its face value. However, Musk's perceived political influence and proximity to figures like former U.S. President Donald Trump have since boosted confidence in the platform's prospects, potentially easing the sale process.
The lending consortium includes major players like Mitsubishi UFJ, BNP Paribas, Mizuho, and Societe Generale, alongside Morgan Stanley, Bank of America, and Barclays. Neither the banks nor Musk’s team has responded to requests for comment.
This sale marks a critical moment as banks seek to reduce exposure to the X acquisition while navigating its complex financial and operational landscape.
