Elon Musk’s X plans to repurchase the final portion of debt from its acquisition of the social network — a liability that Wall Street banks have held for years, according to a source familiar with the matter.
The planned buyback of approximately $1.2 billion in second-lien debt may be partially funded by the company’s recent equity raise, according to the source, who requested anonymity due to the private nature of the transaction, according to Bloomberg.
The person added that no final decision has been made and the plans remain subject to change.