X - Major Banks Rethink Strategy Amid Challenges Surrounding Musk's Twitter Purchase | Benzinga
Elon Musk's acquisition of Twitter, now known as X, has led to unforeseen financial challenges.
What Happened: According to a report by Fortune, three of the seven banks that backed Musk's Twitter purchase are now contemplating protective measures to shield themselves from potential financial repercussions.
Initially, these banks reportedly intended to transfer the debt to investors. However, they are now retaining the debt and considering selling the loans at considerable discounts to entities such as hedge funds or other distressed asset buyers.
Morgan Stanley (NYSE: MS), Barclays (NYSE: BCS), and Bank of America Corp (NYSE: