Whereas the web feud between Elon Musk and President Donald Trump appeared to drive site visitors to Musk’s social media platform X (previously Twitter), it may additionally create points for the platform’s mother or father firm xAI.
Musk merged X and xAI earlier this yr, with Bloomberg reporting this week that he was seeking to elevate $5 billion in debt (in addition to a reported $300 million in a secondary sale) to fund the mixed firm.
That’s led to some awkward moments as Musk’s relationship together with his former ally Trump appeared to disintegrate. Actually, The Wall Street Journal reports that on Thursday afternoon, Morgan Stanley had gathered xAI executives to pitch potential buyers as Musk and Trump have been posting angrily about one another on their respective social networks.
Morgan Stanley had reportedly hoped to promote the debt at round 100 cents on the greenback, however a dealer informed the WSJ it was buying and selling at 95 cents on the greenback at instances on Thursday. Traders additionally reportedly stated that on account of declining costs, Morgan Stanley might have to supply further incentives, akin to an elevated rate of interest.