Banks Face Historic Losses from Musk's Twitter Acquisition

Elon Musk's $44 billion takeover of Twitter leaves financial institutions grappling with unsellable debt and diminished trust.

Banks financed $13 billion of Musk's $44 billion Twitter deal, now deemed one of the worst buyouts since the 2008 financial crisis.
The loans remain unsold, marking the longest 'hung deal' since the crisis, severely impacting banks' financial stability.
Financial institutions like Bank of America and Morgan Stanley are facing reduced trust and significant financial losses.
Many investment bankers involved in the deal have seen their compensation slashed, leading to departures from firms like Barclays.
The inability to offload the debt has led to questions about the banks' due diligence and decision-making processes.