X to buy back $1.2 billion debt from banks

X is planning to buy back $1.2 billion of debt that was linked to its acquisition of the social media platform formerly known as Twitter. This debt has been held by a group of seven banks, including Morgan Stanley, since the buyout in 2022. The buyback aims to help these banks remove a risky portion of loans from their balance sheets. This debt was part of the $44 billion deal to purchase the platform. A source familiar with the deal mentioned that X might partially finance this repurchase through a recent fundraising effort, but no final decision has been made yet. Earlier this year, these banks successfully sold off most of the $13 billion in debt arranged for Elon Musk's acquisition. The shift in fortunes was aided by Musk's connections, the company's better financial situation, and its investments in artificial intelligence through xAI. However, both X and Morgan Stanley have not officially commented on the latest debt repurchase plans.