> Morgan Stanley and others, such as Bank of America and Barclays, lent Musk money to complete his $44 billion buyout of X, then known as Twitter, in 2022.

Hm. So who owes the debt? What's the collateral? Supposedly Musk bought Twitter personally, but this looks like a leveraged buyout in trouble.

The banks involved had a "sell-down letter", an agreement between the lenders that any sell-off gave the other lenders a right to participate at the same price. That expired ten days ago.[1] The interest charge is about $1.5bn/year now. A big question is how long those loans run at the old interest rate. Rates are higher now. Total revenue from X is said to be about $1bn/year, not that anybody outside really knows.

[1] https://finance.yahoo.com/news/exclusive-banks-funded-elon-m...