Wall Street Bank finally rid of the last X company debt from Musk.

Several of Wall Street's largest banks have finally escaped the $13 billion debt quagmire created by Musk. According to sources, on Monday, Wall Street banks sold the last portion of debt lent for Musk's acquisition of Twitter in 2022. This $1.2 billion loan was sold at 98% of its face value. The sale came late. In April 2022, Morgan Stanley, Bank of America, and five other banks agreed to provide loans to help Musk acquire Twitter. The plan was to split the approximately $13 billion debt, sell it to investors, and earn millions in fees. However, by the time the deal was completed, the market had crashed, and investors were cautious about betting on Twitter's debt. These unwanted loans stayed on the banks' balance sheets for more than two years, and the financial outlook for X company, formerly known as Twitter, was increasingly bleak. By the summer of 2024, the X company's deal was considered the worst acquisition financed by banks since the 2008 financial crisis.