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Creditors Set to Repossess Twitter
Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt. Looming over the talks is the likelihood that X's value is substantially less than even that figure.
This week's meeting with seven banks led by Morgan Stanley that supported Elon Musk's $44 billion acquisition of the platform caps off a tumultuous first four months for Yaccarino.
If things deteriorate further, the company's bankers—already nursing billions in on-paper losses—face the prospect of taking back the keys to a diminished platform that is worth less than even their claim on it.
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X Likely to Lose $75M in Ads by Year's End
X, the social media company formerly known as Twitter, could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns after its owner, Elon Musk, endorsed an antisemitic conspiracy theory this month.
Internal documents show that the company is in a more difficult position than previously known, and that concerns about Musk and the platform have spread far beyond companies, including Apple, Disney, and IBM—which paused their advertising campaigns on X last week.
The documents list more than 200 ad units of companies from the likes of Airbnb, Amazon, Coca-Cola, and Microsoft—many of which have halted their ads on the social network.