Whereas the net 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 mum or dad firm xAI.
Musk merged X and xAI earlier this yr, with Bloomberg reporting this week that he was trying to increase $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 actual fact, The Wall Road Journal stories that on Thursday afternoon, Morgan Stanley had gathered xAI executives to pitch potential traders as Musk and Trump had 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 mentioned that resulting from declining costs, Morgan Stanley may have to supply further incentives, reminiscent of an elevated rate of interest.
