Report: Banks that loaned money to Musk for Twitter takeover still holding the bag
The banks that helped Elon Musk buy Twitter in 2022 are still stuck with the $13 billion debt, and it’s hurting their bottom lines. According to a Wall Street Journal report, banks like Morgan Stanley and Bank of America that loaned Mr. Musk the money to take Twitter public in October 2022 have been unable to offload the debt without suffering massive losses. The loans are now stuck, or hung, on the bank’s balance sheets and have only worsened after Mr. Musk started calling the platform X in
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