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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Wall Street banks were not selling X itself. They were selling loans tied to Elon Musk’s 2022 purchase of Twitter, now called X. In January 2025, reports described a planned sale of up to $3 billion of debt at a target price of 90–95 cents per dollar; later reports tracked staged sales and said the final portion was sold by April 2025.
What the banks were selling
Musk’s reported $44 billion acquisition of Twitter in 2022 was supported by roughly $13 billion in bank financing, according to Reuters. The financing included a $6.5 billion secured term loan, a $500 million revolving credit facility, a $3 billion unsecured loan and $3 billion of secured loans.
The January 2025 story concerned lenders trying to sell their loan holdings to investors—not a sale of X, a new share offering or a new loan to consumers. Banks had kept the acquisition debt on their books after the deal, and selling it would transfer the lenders’ claims to buyers.
Why sell the loans below face value?
A loan’s face value is the amount due under its terms. A buyer may pay less than face value to compensate for risk, uncertainty, or the time and effort required to hold and eventually recover the money. A price of 90 cents per dollar means paying $90 for each $100 of face value; it does not, by itself, mean the borrower’s scheduled payment was cut by 10%.
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For lenders, a discounted sale can provide a way to exit a difficult-to-place exposure and recover cash rather than continue holding the loans. For buyers, the discount can make a risky or less liquid loan more attractive. The reports describe the sale process and its pricing, but do not establish the banks’ original purchase or underwriting costs, their ultimate profit or loss, or the buyers’ eventual returns.
How the reported sale unfolded
| Stage | What was reported | Price and certainty |
|---|---|---|
| January 2025 plan | Morgan Stanley and other lenders were preparing to sell up to $3 billion of debt, according to TechCrunch’s account of a Wall Street Journal report. | Senior debt was expected to be marketed at 90–95 cents per dollar. This was a reported target, not a confirmed price for all the debt sold. TechCrunch |
| February 2025 progress | Reuters reported on February 14 that banks had sold another portion, with about $1.3 billion still on their books at that point. | The report describes an intermediate sale; it does not establish that the January target applied to this portion. Reuters |
| Final portion, reported by April 2025 | Reuters said the bank group sold the final portion. Morgan Stanley had offered the remaining $1.23 billion as a fixed-rate loan. | The reported offer carried a 9.5% interest rate and a price of 97.5–98 cents per dollar. Those terms concern the remaining portion, not necessarily the same debt tranche as the January target. Reuters |
The figures describe different stages and portions of the package. The 90–95-cent January target should not be treated as the final price for every tranche; Reuters later reported a higher offered price for the remaining portion. The reports reviewed do not provide a single final average price for all the debt.
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What the sale does—and does not—say about X
A lender’s sale of a loan changes who holds the debt; it does not erase the borrower’s obligations or show that X was sold. Nor does a reported discount alone prove that the borrower defaulted or that the loans were impaired. The reports document lender transactions, not a full account of X’s finances or its ability to repay over time.
In the January coverage, TechCrunch relayed a sentence from an email to staff attributed to Musk—“Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even”—and said the Wall Street Journal had reviewed the email. That is an attributed statement, not independently verified financial reporting in the loan-sale accounts.
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How current is this account?
Reuters reported that the final portion had been sold by April 2025. The reporting covered here does not establish what happened to the debt or X’s financial condition after that report, so it should not be read as a current assessment of either.
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