Big banks and investors that helped Elon Musk complete his $44 billion takeover of Twitter are taking a bath on their equity stakes and loans to the money-bleeding social media site, according to f…
are taking a bath on their equity stakes and loans to the money-bleeding social media site, according to financial filings and sources interviewed by The Post.
Morgan Stanley led a group that included Bank of America, Mitsubishi, BNP Paribas, Mizuho and Societe Generale that underwrote the $13 billion loan for the Oct. 27 deal. However, Morgan Stanley has not tried to syndicate the loan because there is a very limited market for the paper and it is well underwater, two well-placed sources said.
These loans ought to be marked down by 70% of their value, according to one source who structures leveraged loans and is following the matter. That estimate is far more drastic than the markdown of as much as 20% thatMorgan Stanley refused to comment when contacted by The Post on Tuesday.Interest on the loans is about $1.3 billion a yearMusk took Twitter private after paying $54.20 a share for the site and is not required to share financials with anyone other than his banks.
Half of Twitter’s top 100 advertisers ranging from AT&T to Wells Fargo have seemingly stopped advertising on Twitter, according to Media Matters for America.Liz Hafalia/San Francisco Chronicle via AP
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