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Lenders that helped to finance Elon Musk’s $44 billion takeover of Twitter, the social media business he later renamed X, expect to make a $2 billion loss on the $13 billion lent for the deal.
Seven banks, including Barclays, Morgan Stanley and Bank of America, have been struggling to offload the debt because of poor appetite among investors for Twitter/X, forcing the lenders to hold it on their own balance sheets at a discounted value, The Wall Street Journal reported.
Lenders most exposed to the deal faced hundreds of millions of dollars in losses, the newspaper said, as the banks expect to take a collective hit of roughly $2 billion, a 15 per cent loss on the money provided.
Musk’s unusual management style and a
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