While 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 might additionally create points for the platform’s father or mother firm xAI.
Musk merged X and xAI earlier this 12 months, with Bloomberg reporting this week that he was trying 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 along with his former ally Trump appeared to disintegrate. In reality, The Wall Street Journal experiences that on Thursday afternoon, Morgan Stanley had gathered xAI executives to pitch potential traders 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 occasions on Thursday. Investors additionally reportedly mentioned that resulting from declining costs, Morgan Stanley may have to supply further incentives, resembling an elevated rate of interest.
