Twitter makes first interest payment on Elon Musk buyout debt

Billionaire Elon Musk made their first interest payment for Twitter inc; a social media company made private last year with 12.5 billion dollars of debt in total

With Morgan Stanley in lead, Twitter has paid a total of seven banks that were stuck with debt after several attempts to hand it over to outside investors. (stated by reports).

The funds were not only borrowed by Morgan Stanley (Bank of Syndicate) and Bank of America Corp but also Tesla’s owner offloaded his major shares to fund 44 billion in total so that he could take over Twitter. 

After being the sovereign authority of Twitter in October 2022 Elon Musk started laying off Twitter’s workforce in the name of reducing costs to implement new plans he had for the social media platform. One of the major reforms which is also the talk of the town is the blue tick subscription cost known as the ‘’verified’’ badge.

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The revenue and status were adversely affected by Musk’s approach to newly made content moderation rules. The Tesla boss put the entire blame on activist groups for carrying out false advertisements due to which Twitter suffered a massive reduction in revenue.