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.

-14 points
Wall Street Journal - News Source Context (Click to view Full Report)

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MBFC: Right-Center - Credibility: High - Factual Reporting: Mostly Factual - United States of America
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3 points

I thought the mod thread about this bot resoundingly agreed that it should go away?

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136 points

Good fuck em. As if they totally havent made back any loss in recent years

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2 points

You sweet summer child… You think this will affect anyone at the top? All the rich people will walk away unaffected as more layoffs roll down or they borrow from the gov/tax payers.

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15 points

OP did you forget to link the article?

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14 points

Huh, that’s strange. Let me put it up now; thanks!

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17 points
*

Cheers!

Needed to unpaywall it, so here’s an archive link for anyone who needs the same: https://archive.is/hokvj

Edit: hmm there isn’t actually much more there

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111 points

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.

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38 points

Hmm… How do I get them to lend me $13B??

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23 points

The key is to have $60 billion.

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9 points

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.

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46 points
  1. Be rich
  2. Don’t be poor
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7 points

Align with the value of international finance, e.g. think that the poor exist to be exploited for greater inequality.

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