Musk’s political ascendancy stirs hopes of redemption for X banks

Elon Musk’s political ascendancy has some Wall Street banks hoping they may soon be able to offload $13 billion of debt that backed the billionaire’s purchase of the social media platform X, three banking sources said.

Some of the lenders in the consortium, which included Morgan Stanley and Bank of America, think Musk’s emergence as a close aide to Republican President-elect Donald Trump could boost the prospects of X, previously known as Twitter, the sources said. If that were to happen, it would allow them to sell the debt without having to take a massive loss on the deal, the sources said.