Wall Street banks prepare sale of up to $3 billion in X loans next week, sources say

Wall Street banks, including Morgan Stanley, are preparing to sell up to $3 billion of debt holdings in the social media platform X, formerly known as Twitter. These banks had financed Elon Musk’s $44 billion buyout of X in 2022. Musk’s changes to the platform have impacted its value, and banks hope to recover 90-95 cents on the dollar. Wall Street banks, including Morgan Stanley, are preparing to sell up to $3 billion of debt holdings in the social media platform X, formerly known as Twitter. These banks had financed Elon Musk’s $44 billion buyout of X in 2022. Musk’s changes to the platform have impacted its value, and banks hope to recover 90-95 cents on the dollar.  Economic Times