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International Business Times UK

Niloy Chakrabarti

Wall Street Sells £4.41B of X Loans as Investors Bet on Strong Financials, Advertisers Returning to Musk's Firm

Elon Musk X X Musk Apple Amazon Morgan Stanley Social Networking

Advertisers return to X after years of absence. (Credit: AFP News)

Yesterday, Wall Street banks unloaded £4.41 billion of debt holdings in Elon Musk's X amid strong investor interest as advertisers return to the social media platform and Musk's popularity grows in the political sphere.

Banks sold £4.41 billion of debt holdings in X that had been stuck since 2022, when they enabled Musk to take over the company, formerly Twitter, for £35.3 billion. Investors bought the loans at £0.78 ($0.97) on the dollar, up from a sale pegged at £2.4 billion a few days ago for £0.76 ($0.95) on the dollar due to a surge in investor demand on X's improving financials.

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