"Wall Street banks finally rid themselves of Elon Musk's X debt"
This is the headline from an article dated 04/30/25 from Yahoo Finance with a byline from David Hollerith. Out of $13 billion that was loaned the banks were looking at the decline in value of the company and not feeling good. So back around the beginning of the year they began selling off wads of that total with only $4.7 billion even bringing face value. The rest of it went at discounts of as much as 95 cents on the dollar. Not a ringing endorsement for doing business with Edolph. Loan him billions and have to take a beating later just to get the loans off the books. If these loans were a sure moneymaker they would have gone at a premium rather than a discount.
Instead the banks had to go looking for people to offload these loans on. If they were great money they would have had people lining up and pestering them to get to buy the loans.
Maybe people see a financial downside to betting on a site steeped in whacko conspiracy theories, white supremacist garbage and other general fringe hate. Given all of the tangled web of how this company functions, is structured and actual financial basis it may have been a huge sigh of relief for the big banks to get out from under it all even if they took a whack on the loans.
https://finance.yahoo.com/news/wall-street-banks-finally-rid-themselves-of-elon-musks-x-debt-121843658.html