Banks Offer X Debt With Claim on Stake in Musk's AI Venture as Sweetener
Wall Street banks, finally within striking distance of offloading debt tied to X, have a sweetener on offer for potential buyers: a claim on the social-media platform’s stake in Elon Musk’s artificial intelligence venture. A group of banks led by Morgan Stanley is preparing to sell as much as $3 billion of senior secured debt backing Musk’s 2022 buyout of the company. The valuation of X, formerly known as Twitter, is being boosted by a previously undisclosed stake of about $6 billion in xAI Corp...
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