Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.

The Wall Street Journal reports banks are close to selling some of the $13 billion in debt they took on while helping Musk buy Twitter in 2022.

Wall Street banks, including Morgan Stanley (NYSE:MS), Bank of America, and Barclays (LON:BARC), are gearing up to sell a substantial portion of debt holdings in X, the social-media platform controlled by Elon Musk,

Elon Musk recently shared to X employees that the company is struggling to break even, and it is still its problem.

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A group of banks led by Morgan Stanley is preparing to sell as much as $3 billion of senior debt tied to Elon Musk’s buyout of X, the social media platform formerly known as Twitter, according to people with knowledge of the matter.

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Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two people with knowledge of the matter said on Friday. Morgan Stanley bankers have contacted investors ahead of a planned sale next week, the sources said.

Elon Musk warns X staff of stagnant user growth and revenue challenges while banks plan to sell $13 billion in X debt.

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Musk reportedly wrote, "we've witnessed the power of X in shaping national conversations and outcomes... [but] our user growth is stagnant [and] revenue is unimpressive."