Elon Musk’s Twitter Takeover Is Now the Worst Buyout for Banks Since the Financial Crisis
wsj.com
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.
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Guess the saying is true, if you owe the bank $1000, that's your problem. If you owe the bank $13 billion, its the bank's problem.
Hmm... How do I get them to lend me $13B??
The key is to have $60 billion.
The key is to become famous and create hype around your gambling bet so other people artificially inflate the value so that you have a "theoretical" $60 billion.