Good morning, the banks who underwrote Elon Musk's Twitter takeover are still choking on $13b in "hung debt," the worst since the 2008 financial crisis www.wsj.com/tech/elon-mu...

So you’re saying posting is going to crash the economy?

"The banks that agreed to underwrite a deal that even Musk said was overvalued did so largely because the allure of banking the world’s richest person was too attractive to pass up, according to people involved in the deal." The super-wealthy are even a problem for finance capitalism!

I’ve never laughed at a WSJ article before!

They got what they deserved. Musk's takeover of Twitter was not like his other business ventures and was doomed from the start.

Who could've possibly seen this coming besides everyoneWho could've possibly seen this coming besides everyone

They decided to help saddle a barely profitable company with a debt with annual payment of roughly 1/3rd of its best revenue on the promise that Musk will somehow explode the income. And explode he did, just in a different sense, and now nobody wants a part in it. Working as intended.

If any of these banks sink over this, I will argue to my grave that they need to fail. No bail out. They need to fail for this level of bad decision making. Fuck 'em.

would love to see the internal pitches bankers were making to their colleagues re THIS GREAT opportunity at the ground level

Why the fuck did they provide the loan to Twitter, a constantly unprofitable company, instead of giving it to the richest guy on earth?

We can each contribute to Musk and the banks’ pain in our tiny way by staying off X and starving it of ad views.