Nearly two years after Elon Musk’s acquisition, X’s business is still struggling to climb out of the deep hole it fell into under his ownership.

The $13 billion that Elon Musk borrowed to buy Twitter has turned into the worst merger-finance deal for banks since the 2008-09 financial crisis.

The seven banks involved in the deal, including Morgan Stanley and Bank of America, lent the money to the billionaire’s holding company to take the social-media platform, now named X, private in October 2022. Banks that provide loans for takeovers generally sell the debt quickly to other investors to get it off their balance sheets, making money on fees.

  • confused_code_monkey
    701·
    2 months ago

    “since the financial crisis” - You’ll have to be more specific than that 🥲

      • Flying Squid
        80·
        2 months ago

        Now now… I agree that the Peleset are all awful, but what have the Weshesh ever done to you?

        • bad_alloc
          130·
          2 months ago

          Burning olive oil can’t melt copper bars! The attack on the twin ziggurats was an inside job masterminded by the King of Uruk, Gilga W Mesh!