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Since Elon Musk took over X, formerly known as Twitter, this time last year, there have been everything from head-scratching to just plain bad decisions. As the platform appears to have done nothing but alienate its user base, data shows that the banks that lent Musk the money to buy Twitter are still hanging on to all of their loans. .
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Banks that lent Musk $13 billion last year to buy the platform have been forced to continue making that loan as investor interest in the platform has waned, according to a report from the Wall Street Journal on Wednesday. Has been. It has long been suspected that
These banks were reportedly hoping to sell the loans by Labor Day, but they are starting to prepare to unload some of it. Banks involved in Musk’s purchase of Twitter include Morgan Stanley, Bank of America, Barclays and MUFG, with BNP Paribas, Societe Generale and Mizuho also involved in some capacity.
Twitter did not immediately return Gizmodo’s request for comment on the report.
The news that investors are concerned about such a volatile company is hardly surprising, given the portfolio of questionable business moves Musk has made in one year alone. The layoffs targeting thousands of employees in January, shortly after Twitter’s takeover last October, were a sign of things to come. Most notably, Musk literally destroyed the most attractive part of the business: its name. Court documents revealed in April that the billionaire would be rebranding Twitter Inc. to X Corp. in true supervillain fashion last summer with a new logo for the platform.