Morgan Stanley's (MS) Q1 results saw a boost after the bank offloaded debt of Elon Musk's social media platform X, Bloomberg reported Friday, quoting a source with knowledge of the situation.
Morgan Stanley posted $692 million in "other" revenue in its investment bank, up from $242 million a year earlier, the report said, adding that much of the increase was linked to offloading loans of X.
"Other revenue increased principally driven by realized gains on the sale of corporate loans held-for-sale compared to mark-to-market losses, net of hedges, a year ago," Morgan Stanley said in its earnings release Friday, without providing further details.
Morgan Stanley led a group of banks that provided debt for Musk's 2022 buyout of X, formerly known as Twitter, Bloomberg said. Since then, the banks had been holding $13 billion of that debt and have been trying to find buyers, according to the report.
Morgan Stanley didn't immediately respond to a request for comment by MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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