Banks Sell $5.5 Billion in Twitter Debt After Investor Interest Soars
Banks recently offloaded a staggering $5.5 billion worth of loans associated with Elon Musk’s acquisition of Twitter, now X. This significant transaction follows a dramatic surge in investor interest, highlighting a fascinating interplay of financial maneuvering, political influence, and the unpredictable nature of Musk’s business dealings.
The sale itself represents a significant win for the banks involved. Initially, these loans were considered a risky investment, burdened by Twitter’s initially weak performance and the high-interest rates attached. The banks had marked down billions of dollars in losses on these loans, anticipating difficulty in selling them off. The improved financial picture of X, however, changed the equation dramatically.… Continue reading
Matt Underwood