Musk did it his way. Regrets? Banks have a few

The US$13.5bil (RM60bil) worth of debt backing Musk's adventures in social media added to more than US$40bil (RM178bil) of similar loans and bonds that banks already had stuck on their balance sheets after a collapse in investor appetite in 2022. — Reuters

WHEN Elon Musk stopped fighting and closed his US$44bil (RM195bil) takeover of Twitter at the end of October, it was one of the last things his investment bankers wanted to see.

The deal left Wall Street with an even bigger burden of unwanted, high-risk loans that banks are mostly carrying into 2023 – another big obstacle in the way of getting deals restarted.