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2023-10-27 13:25:34
According to the Wall Street Journal (“WSJ”), the banks that co-financed Elon Musk’s takeover of Twitter expect a loss of around $2 billion because they have to write off parts of the loans. When Musk, the world’s richest person, agreed to buy the social media company for $44 billion last October, he borrowed regarding $13 billion from institutions including Morgan Stanley, Bank of America and Barclays. The loans are secured by a portion of Musk’s Tesla shares. In the first year following Musk’s takeover, Platform X, as Twitter is now called, has struggled with a number of problems.
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#Elon #Musks #leadership #style #financial #disaster #Twitter
