Reuters: Banks Might “Take Back The Keys” To Twitter

October 4, 2023 Business, Social Media

Reuters reports:

X is still worth something, but not for the people running it. Boss Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt, the Financial Times reported. Looming over talks is the likelihood that X’s value is substantially less than even that figure.

This week’s meeting with seven banks led by Morgan Stanley that supported Elon Musk’s $44 billion acquisition of the platform caps off a tumultuous first four months for Yaccarino.

If things deteriorate further, the company’s bankers – already nursing billions in on-paper losses – face the prospect of taking back the keys to a diminished platform that is worth less than even their claim on it.

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