The banks that financed Elon Musk’s $44 billion purchase of Twitter are still struggling a year later to contain the damage to their balance sheets. Seven banks including Morgan Stanley, Bank of America and Barclays lent Musk around $13 billion to buy Twitter a year ago this coming Friday. But investor appetite for Twitter, which Musk has since renamed X, has cooled since the billionaire took over, forcing the banks to hold the debt on their own balance sheets at a discounted value. View Full Image Seven banks lent Elon Musk around $13 billion to buy Twitter a year ago this coming Friday. Big hung deals don’t sit well with regulators, who have been making more diligent checks on banks’ financial footing following the failures of Silicon Valley Bank and others earlier this year.

Source: Wall Street Journal October 25, 2023 23:37 UTC