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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →There is no verified total for how much banks ultimately lost on Elon Musk’s Twitter acquisition. Lenders were stuck holding roughly $13 billion of debt after the 2022 deal closed, and Reuters reported that sources estimated possible markdowns of 5% to 20% on secured debt. Those were estimates, not confirmed losses. Reuters later reported debt sales in 2025 at prices near face value, but the sale prices alone do not show each lender’s full gain or loss.
Why the banks were exposed
When banks commit to finance an acquisition, they often plan to sell some or all of the resulting debt to investors after the deal closes. For Elon Musk’s purchase of Twitter, a lender group led by Morgan Stanley committed to a package that Reuters later summarized as roughly $13 billion in bank debt. The commitment letter, dated April 20, 2022, set out these facilities:
| Facility | Amount |
|---|---|
| Senior secured term loan | $6.5 billion |
| Senior secured revolving credit facility | $500 million |
| Secured notes or bridge loans | Up to $3 billion |
| Unsecured notes or bridge loans | Up to $3 billion |
The lenders were Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho and Société Générale. The secured and unsecured facilities carried different risks; Reuters reported in 2022 that the unsecured portion could be harder to sell.
Why the debt stayed on the banks’ books
In December 2022, Reuters reported that the banks had been unable to syndicate the debt amid weak demand for riskier debt and advertiser concerns about Twitter’s revenue. If lenders cannot sell committed loans to investors, they may have to keep them on their own balance sheets and record accounting markdowns to reflect estimated market value.
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Reuters sources at the time estimated possible markdowns of 5% to 20% on secured debt. That range described potential valuation reductions while the debt remained unsold; it was not a report of a final realized loss. Morgan Stanley’s then-CEO, James Gorman, told Reuters in December 2022: “I wouldn’t bet against Elon Musk,” and, “We don’t get behind that kind of business and that kind of opportunity unless we believe it is real.” Those were Gorman’s contemporaneous remarks, not a disclosure of the lenders’ eventual financial outcome.
What the reported 2025 sales show
Reuters reported several sales of the Twitter, later X, debt during 2025. The reported figures describe particular transactions, not a complete accounting of each lender’s result:
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| Reported transaction | Price or terms | What it establishes |
|---|---|---|
| Sale reported in early 2025 | $1 billion; price not stated in the cited Reuters report | A tranche was sold; the report does not establish its price. |
| Sale reported in February 2025 | $5.5 billion at 97 cents on the dollar; Reuters also reported an 11% yield | An investor source told Reuters a profit was likely on this sale, but that is an attributed assessment, not a syndicate-wide profit calculation. |
| Secured-loan sale reported in February 2025 | $4.74 billion at par (100 cents on the dollar) | The reported transaction price was face value; Reuters said about $1.3 billion remained. |
| Final tranche reported in April 2025 | About $1.2 billion at 98 cents on the dollar | The report described the final sale tranche at a price close to face value. |
These reports indicate that the banks sold the debt in tranches and that the later reported prices were near face value. The April 2025 Reuters report is the latest located report on the final sale; it does not establish whether later disclosures gave a complete bank-by-bank account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why a sale price is not the same as a bank’s total loss
A price such as 97 or 98 cents on the dollar compares a sale price with the debt’s face value. It does not, by itself, calculate a lender’s net result. That calculation can also depend on interest received while holding the debt, fees, earlier accounting marks and other costs. Nor can the early 2022 estimates simply be added to later transaction prices: the estimates concerned potential markdowns, while the later reports described sales.
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Reuters’ reporting through April 2025 does not provide a verified total of realized losses—or a complete net gain—for the lender group or each individual bank. So the sound answer to “How much money did the banks lose?” is: the amount is not established by the cited reports. The lenders faced significant exposure when the debt could not be sold soon after closing, but later transactions at prices close to face value do not support presenting the early estimated markdowns as losses the banks definitely incurred.
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