Musk's political ascendancy stirs hopes of redemption for X banks
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Elon Musk's political rise is raising hopes for Wall Street banks to offload US$13 billion of debt linked to his purchase of X (formerly Twitter); banks including Morgan Stanley and Bank of America are optimistic that Musk's ties to President-elect Donald Trump could enhance X's prospects; Musk acquired X for US$44 billion in 2022; X's web traffic peaked at 46.5 million visits the day after the US elections; however, 115,000 users deactivated their accounts on Nov 6, 2024; banks have marked down the debt's value and are considering options after X reports its finances next month.
#ElonMusk #X #Debt #WallStreet #Trump #SocialMedia #Finance #Banks #Advertising #WebTraffic
https://theedgemalaysia.com/node/734212
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