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Wall Street banks prepare to sell up to $3B in X loans next week

reuters.com

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Re: Wall Street banks prepare to sell up to $3B in X loans next week

#51

Post by tsol »

bloopernova wrote: post #39
covercash wrote: post #29

Earlier quoted context omitted.

Why does he do a lot of the things he does? Ketamine.

I've wondered about that. Like, what are the practicalities? Do billionaires have dealers, or do they use shell companies to buy in bulk? I'm assuming wherever he flies, he avoids customs and immigration, and his plane/person never gets searched.

Ketamine is diverted from official sources, usually where it is produced(India, Denmark are common). It's not worth it to make in a lab given how plentiful it is. Its everywhere, in every city. He probably has a guy that gets it online. You can easily buy ounces on darknet markets. I don't recommend you do this-- I just find it interesting how this stuff is all going on as a second blackmarket economy in absolutely huge quantities.

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#52

Post by dkjaudyeqooe »

Fezzik wrote: post #47
bloopernova wrote: post #39

Earlier quoted context omitted.

I've wondered about that. Like, what are the practicalities? Do billionaires have dealers, or do they use shell companies to buy in bulk? I'm assuming wherever he flies, he avoids customs and immigration, and his plane/person never gets searched.

If he’s using it he probably just has a prescription or a doctor that provides it to him. Ketamine isn’t all that hard to get prescribed and it is, frankly, a pretty mellow drug.

> a pretty mellow drug

Like all drugs, it depends on how much you take.

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#53

Post by ruined »

bloopernova wrote: post #39
covercash wrote: post #29

Earlier quoted context omitted.

Why does he do a lot of the things he does? Ketamine.

I've wondered about that. Like, what are the practicalities? Do billionaires have dealers, or do they use shell companies to buy in bulk? I'm assuming wherever he flies, he avoids customs and immigration, and his plane/person never gets searched.

in 2019, the FDA approved a self-administrated esketamine nasal spray. it's available by prescription.

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#55

Post by Hikikomori »

bdangubic wrote: post #32
nine_k wrote: post #10

Earlier quoted context omitted.

"$34B is a steep price to kill Twitter, but maybe it's worth it", a somebody wrote back in the day. Apparently it sort of was worth it for Musk, but it cost him, and is going to cost further down the line.

he bought an office in the white house which he already turned into much more than what he invested in X with 4 more years to come…

They put him in a building across the street and he has to talk to chief of staff now.

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#56

Post by dkjaudyeqooe »

Ekaros wrote: post #48
badgersnake wrote: post #22

Earlier quoted context omitted.

Why would he toss even more money onto the Twitter bonfire when there’s no need?

To not lose all of it. Musk is shareholders and while shareholders make the decisions(or at least decide who do) they are also last to get any value when things go to receivership.

But Musk isn't short of money (in theory), he could buy the debt in the event.

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#58

Post by FollowingTheDao »

HDThoreaun wrote: post #13
churchill wrote: post #2

I wonder who's going to be buying, since they're selling at just a 5% discount. Since the purchase, Twitter has lost 85% to 90% of its revenues. So, I think the discount doesn't factor in just how much value X has lost. And, unless Musk buys back the debt, I don't see any takers lining up. Judging by how much stock Elon had to sell, plus the loans/equity raised for the initial purchase, it feels like an all-round bad…

These loans have nothing to do with twitters value though. The question is will musk pay the debt off, not whether twitter will become more valuable. Right after the deal was done investors wondered musk might just let the loans default and give twitter to his creditors, but now that it seems so important to him politically he is less likely to do that.

-These loans have nothing to do with twitters value though.

Of course it does! Why do you think Elon was complaining about the article so much?

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#59

Post by Animats »

> 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...

Re: Wall Street banks prepare to sell up to $3B in X loans next week

#60

Post by aprilthird2021 »

HDThoreaun wrote: post #13
churchill wrote: post #2

I wonder who's going to be buying, since they're selling at just a 5% discount. Since the purchase, Twitter has lost 85% to 90% of its revenues. So, I think the discount doesn't factor in just how much value X has lost. And, unless Musk buys back the debt, I don't see any takers lining up. Judging by how much stock Elon had to sell, plus the loans/equity raised for the initial purchase, it feels like an all-round bad…

These loans have nothing to do with twitters value though. The question is will musk pay the debt off, not whether twitter will become more valuable. Right after the deal was done investors wondered musk might just let the loans default and give twitter to his creditors, but now that it seems so important to him politically he is less likely to do that.

Well, will it still be valuable at bond maturity, the main question
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