Banks prepare to sell $3B in discounted loans for Elon Musk's struggling Twitter acquisition.
Banks that financed Elon Musk's $44 billion Twitter acquisition are preparing to sell $3 billion in loans at a 5% to 10% discount due to the company's declining value and financial struggles. Fidelity recently valued X at $12.3 billion, a 72% drop from Musk's purchase price. Despite Musk's claims of the platform's impact on the 2024 election, the company is facing stagnant user growth, unimpressive revenue, and is barely breaking even.
2 months ago
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