Wall Street banks are gearing up to sell off up to $3 billion in debt tied to Elon Musk’s acquisition of X (formerly Twitter). Morgan Stanley

The Wall Street Journal reports banks are close to selling some of the $13 billion in debt they took on while helping Musk buy Twitter in 2022.

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.

The richest man in the world, Elon Musk, recently sent letters to the employees of X, stressing that investing in the company hardly brings any results, judging by the captions of the American media.

Elon Musk recently shared to X employees that the company is struggling to break even, and it is still its problem.

In a recent internal email to employees, Elon Musk, CEO of X, acknowledged the platform's ongoing financial challenges.

According to an internal email sent by Elon Musk to employees, X is 'barely breaking even,' citing stagnant user growth and underwhelming revenue

Hollywood icon Morgan Freeman said in a 2016 interview that he owned Tesla stock. A $10,000 holding then would be worth over $300,000 now.

Banks who helped finance the $44 billion Twitter buyout are ready to sell their debt for 90 to 95 cents on the dollar according to a new report.

The Wall Street Journal reports that banks are planning to sell part of the $13 billion in debt they gave Musk to buy Twitter.

This year Tesla is revamping the Model Y, but last year it scrapped plans for a new $25,000 vehicle dubbed Model 2 in public and known as NV91 internally. Musk has been vague about plans for a successor to NV91, leading some analysts to speculate that it might announce a “Model 2.5” this year.

A group of banks led by Morgan Stanley is preparing to sell as much as US$3bil of senior debt tied to Elon Musk’s buyout of X, the social media platform formerly known as Twitter, according to people with knowledge of the matter.