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Did Musk's Twitter Deal Turn into a Major Banks' Quagmire?
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Subscribe26 AUG 2024 / FINANCE
Elon Musk's acquisition of Twitter, now rebranded as X, has resulted in what is being called the most significant hung debt situation since the financial crisis of 2008-09. The $44 billion deal backed by seven big banks including Bank of America, Morgan Stanley, and Barclays has left them with $13 billion in debt on their balances due to the substantial decrease in Twitter's valuation and inability to sell the debt.
Elon Musk's $44 billion acquisition of Twitter, now rebranded as X, is turning out to be more of a financial headache than a triumph for both the tech mogul and the banks that backed the deal. This high-stakes acquisition has left a consortium of seven ma...
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