Wall Street Bank has been preparing to sell up to $ 3 billion of the loan of social media platform X managed by Mr. Elon Musk, revealing the relationship between them on Friday. 。
Morgan Stanley bankers have contacted investors prior to the sale scheduled next week.
Banks and banks such as Bank of America and Berkrazes were loaning in 2022 to complete the acquisition of X (formerly Twitter), which Musk was performed for $ 44 billion.
According to the Wall Street Journal, which reported on the preparation for the sale earlier, banks anticipate the profit of 90-95 cents per dollar.
Morgan Stanley, Bank of America, Barclays, X, and Elon Musk did not immediately respond to additional comment requests.
Banks usually sell these loans to investors immediately after the transaction is established, but in the case of X, the lender faces the difficulty to take over the debt.
Musk's significant changes to the platform include a lot of personnel dismissal involved in the management of content, and one of his posts to X scared advertisers and hitting profits. This increased the risk of default and reduced debt value.
In November, Reuters in November, due to the political advantage of Mr. Musk and the imminent distance to President Trump, the bank thought about the improvement of the improvement of the social media platform, and sold the claims without huge losses. He reported that he was able to do it.
According to officials at that time, bidding gathered when trying to sell the bond at the end of 2022, and banks could have lost up to 20 % from the bond face value.
Other banks of the Consortium, which supported the provision of funds to this transaction, include Mitsubishi UFJ, BNP Pariva, Mizuho, and Societe General.
