Musk's political ascendancy stirs hopes of redemption for X banks [Yahoo! Finance]
Similarweb Ltd. Ordinary Shares (SMWB)
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Source: Yahoo! Finance
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 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. Musk, X, Morgan Stanley and Bank of America did not immediately respond to a request for comment. Banks typically sell such loans to investors soon after the deal is done, but in the case of X, which Musk bought for $44 billion in 2022, they have been stuck holding the debt. Musk's sweeping changes to the platform, including laying off many people who worked to moderate content, and one of his posts on X scared away advertisers and hit revenues. That reduced the value of the debt, as the
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SMWB
News
- Time to Cut Off Your X (Twitter)? Here's How [CNET News]CNET News
- Threads adjusts its algorithm to show you more content from accounts you follow [TechCrunch]TechCrunch
- Bluesky user count hits 20 million and continues to grow: What to know about the platform [USA TODAY]USA TODAY
- Bluesky tops 20M users, narrowing gap with Instagram Threads [Yahoo! Finance]Yahoo! Finance
- Bluesky tops 20M users, narrowing gap with Instagram Threads [TechCrunch]TechCrunch
SMWB
Earnings
- 11/12/24 - Beat
SMWB
Sec Filings
- 11/22/24 - Form 144
- 11/21/24 - Form 144
- 11/19/24 - Form 144
- SMWB's page on the SEC website