Bankers are reportedly gearing up to offload debt used to fund Elon Musk’s social network, for which he paid $44 million in 2022 including $13 billion in financing. Morgan Stanley is leading the charge, hoping to sell senior debt at between 90 and 95 cents on the dollar, reports the WSJ. 

As notes the outlet, bankers typically don’t hold debt for years, but volatile periods can impact those plans, and volatility has defined X since Musk’s takeover, with advertisers skedaddling over concerns that extreme content on the platform could damage their brands. Though Journal sources say that X’s financials are improving, Musk himself told staffers in a January email seen by the WSJ that, “​​Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.”

Musk reportedly observed in that same email X’s “power” in “shaping national conversations and outcomes.” It isn’t clear that its power is luring back advertisers, however. Meanwhile, a gesture made by Musk at President Trump’s inaugural celebration that many construed as a fascist salute could further complicate the equation for big brands.