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.
The losses on banks’ balance sheets from the deal are also biting into potential bonuses for some bankers, the report said.
They should just be fired. This wasn’t a deal that looked like it had good potential but didn’t pan out. It was obviously a bad buy right from the start and the guy who was going to run the private enterprise was both spread too thin to run it well, was increasingly erratic in his behavior, and wasn’t any good at the business he was taking over. Everyone knew it was a bad deal at the time.
Good fuck em. As if they totally havent made back any loss in recent years
At the time, Musk himself had complained that the price for Twitter was too high, but he decided to go ahead with the deal after waffling over it for a while.
Mmmmmmmmm that’s not how I’d describe it, Marketwatch.
I mean, he did have to decide if he wanted to pay the money and take the company, or just pay the money, as he’d signed a solid agreement. So there was a choice.
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.
Align with the value of international finance, e.g. think that the poor exist to be exploited for greater inequality.
Morgan Stanley has another problem right now too as Their CEO Chairman is missing in that yacht sinking
May the god of water take mercy on us with this wealthy sacrifice and place a harvest in our nets
Either that or Jörmungandr has aquired a taste for richness. As a man who likes cheesecake I can respect it.
My most requested recipe is: New York Style Cheesecake Stuffed, Chocolate covered, graham cracker rolled, strawberries.
This one is extra sweet to me as Morgan Stanley stole $4k of my funds, claiming it was abandoned when they never once sent me a message, notification on their site, letter, or call. It took me several months to get it back. All the while I was unemployed and really needed that money.
Sounds like sacrificed a few billionaires this time.
I hope our watery god is satisfied, if not. I guess we have sacrifice a few more billionaires.
I think we should advertise small boat sailing to Elon, combined with the beauty of the Gibraltar strait area and the manliness of doing it alone.
We can give Poseidon a break and let the orcas have one.
