Musk's Wall Street value rises as banks sell $5.5 billion in X loans

Banks have sold $5.5 billion in loans linked to Elon Musk's 2022 Twitter buyout, indicating increased confidence in Musk and his social media platform, now called X. The loans sold for $0.97 on the dollar, higher than expected. Previously, banks faced losses as X struggled after the buyout. They had financed $13 billion for the acquisition, but the value of those loans dropped. The recent sale reflects a shift in Wall Street's view, aided by a return of advertisers to X. Musk is also working on restructuring government agencies through the Department of Government Efficiency. He plans to discuss potential cost savings at a JPMorgan event this week, aiming to reassure investors about the financial outlook.