Banks Stuck With X Debt Held Refinancing Talks With Elon Musk
- Bank group discussed options to make debt less risky to hold
- Talks with tech billionaire cooled earlier this year
A group of seven banks have been stuck holding the debt since 2022.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
A bank group spearheaded by Morgan Stanley held discussions with Elon Musk and his team about refinancing a roughly $12.5 billion debt package that supported the tech billionaire’s take-private of the social media platform X, according to people with knowledge of the matter.
In talks that faltered earlier this year, certain banks and Musk’s team explored options to strengthen the debt package, said the people, who asked not to be identified discussing confidential talks. The parties discussed options that could reduce the cost of the debt and make it less risky for banks to hold, one of the people said.