How Wall Street offloaded $13bn of debt tied to Elon Musk’s Twitter deal
Elon Musk promised his bankers they would not lose money on the $13bn they lent to finance his Twitter takeover in 2022. The world’s richest man has now largely made good on his vow after Donald Trump’s re-election helped rescue the debt deal. The sale by seven banks last month of the final slug of loans for Musk’s $44bn Twitter buyout marked an extraordinary turnaround for debt that had once appeared to be toxic. The lenders including Morgan Stanley and Bank of America faced a stark choice: of...
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