X - Bad Buyout Blues: Banks Ready To Refinance Twitter/X Debt From $44-Billion Acquisition | Benzinga
Billionaire Elon Musk completed a $44 billion acquisition of social media platform X, formerly known as Twitter, in October 2022.
The acquisition included the backing of several investors and multiple financial institutions providing financing for the deal.
What Happened: Musk acquired Twitter after taking a stake in the company and previously pushing for changes at the company.
Musk financed the deal through person funds. He also sold a portion of his stock in electric vehicle maker Tesla. Other investors like Fidelity, Ark Invest, Baron Funds and Jack Dorsey also helped Musk finance the deal.
Several banks were involved in the acquisition and they reportedly want to refinance their debt in the company over a year later, according to a new ...