Multi billion dollar loan from some of the world's biggest banks helped Elon must secure

Twitter. But almost two years later, new data shows it's those lenders who are still paying the price.

Deirdre Bosa has more in today's Tech Check segment.

Deardre.

Well, Sarah, the longer that these banks hold on to those loans,

the more painful it is.

And according to new data from Pitchbook,

the Twitter takeover now represents the worst bio for banks

since the 08-09 financial crisis.

Holding on to those loans, rather, on to those on their balance sheets, that was never part of

the plan for those seven banks which loaned Musk a combined

$13 billion for Twitter. The idea at the time was put up the capital, do a deal that

deepens their relationship with one of the world's richest men, then turn

around and sell the loans or bonds to

investors. Many expected that Twitter's financials under Musk's control would

improve maybe even become worth more than the $44 billion total that Musk paid for it.

Of course that has not shaped up.

Now X, the platform has struggled to retain advertisers.

And at the start of the year, you might remember this, it was marked down by more than 70% by Fidelity, which also participated in that 2022 acquisition.

So the banks are left holding the bag with paper losses, denting profits, increasing financial risk, and reducing liquidity available

for other deals.

Technically, these are hung loans.

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