Banks led by Morgan Stanley have sold $5.5 billion of some $13 billion of debt they lent to support Elon Musk's $44 billion acquisition of Twitter, now called X, in 2022, said a source with knowledge of the deal.

Banks wrapped up the sale of $5.5 billion in debt backed by Musk’s social-media company on Wednesday, people familiar with the matter said. The banks had originally planned to sell around $3 billion at around 95 cents on the dollar,

Banks this week sold $5.5 billion in debt tied to Elon Musk’s 2022 buyout of Twitter, signaling that Wall Street's confidence in Musk is rising alongside the billionaire’s elevated status in Washington.