Morgan Stanley (NYSE:MS) has reportedly hosted a meeting on Friday with executives from the social media platform X and about two dozen investment firms with the aim of selling $3 billion of its outstanding debt.
The firm has launched a process to offload this debt, which has been on its balance sheet since it and other banks financed Elon Musk’s $44 billion acquisition of the company, then known as Twitter, back in 2022.
The debt sale, expected to launch next week, will offer the loans at a discounted price of $0.90 to $0.95 on the dollar, per a report citing people with knowledge of the talks.
The meeting was attended by X CEO Linda Yaccarino and CFO Mahmoud Reza Banki. They gave a brief presentation but did not take questions, the report said.
Meeting attendees were reportedly not allowed to bring mobile phones into the room.
The consortium of banks, which includes Bank of America and Barclays, has struggled to offload $13 billion in debt since the 2022 buyout. Earlier this year, the banks sold $1 billion of the debt in a private transaction to a group of investors.