*Banks Struggle with Unsold Loans from Musk's Twitter Deal*
Two years after Elon Musk's Twitter acquisition, banks are still grappling with $13 billion in unsold loans. This deal is considered the worst leveraged buyout for banks since 2008.
*Key Points:*
- $13 billion in loans remain unsold on banks' balance sheets
- Twitter's value has dropped from $44 billion to $12.5-19 billion under Musk
- Banks are struggling to offload debt due to X's poor financial performance
- The deal has negatively impacted involved banks' profits, rankings, and employee compensation
*Impact:*
- Banks' ability to finance other deals has been limited
- Global banking league table standings have been affected
- Employee pay cuts have been implemented due to the financial strain
*Current Status:*
- Banks are receiving interest payments on the loans
- Debt remains a significant concern, with mark-downs attempted to attract buyers
- Restructuring talks between Musk and banks have reached an impasse.
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