Elon Musk email to X staff: ‘We’re barely broke’

Since Elon Musk closed his deal to buy Twitter, he has claimed that the company, now called X, is in a “very comfortable position from a revenue standpoint.” Now, and Wall Street Journal Reports that banks are preparing Coordinated move To sell some of the $13 billion in debt they lent Musk to finance the deal. He mentions an email sent to employees this month, which he also confirmed freedomwhere Twit’s president said, “…we’ve seen the power of

Part of the reason is Bank of America, Barclays and Morgan Stanley Holding a lot of debt From attempt to Avoid selling at a loss After the economic conditions changed, Musk had an extended court battle trying to get out of the deal. While equity investors have reduced the value of their shares by up to 78 percent, magazine Reports, “Banks hope to sell senior debt at 90-95 cents on the dollar, while keeping holdings further south.”

As Musk noted in his email, the report says banks hope to use Musk’s Link to Donald Trump narrative, as some unnamed investors may be interested in buying based on the belief that its financials are on the way up.

However, Musk also said the company could become cash flow positive “within months” nearly two years ago, and still faces more than $1 billion in annual interest payments on loans. platform increasingly It turns into a testing ground for his AI ambitionsas we reported earlier this month, and while the Small sign of the service which he said would be able to “fulfill someone’s financial life” by the end of 2024.