Wall Street banks on Wednesday sold billions of dollars in X debt holdings thanks to a surge in investor interest as the social network adds big advertisers and Elon Musk gains clout in Washington, according to a report.

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two people with knowledge of the matter said on Friday. Morgan Stanley bankers have contacted investors ahead of a planned sale next week, the sources said.

Wall Street banks are preparing to sell a big portion of debt holdings in social media platform X, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.

Wall Street banks unloaded £4.41 billion of debt holdings in Elon Musk's X amid strong investor interest as advertisers return to the social media platform and Musk's popularity grows in the political sphere.

Banks led by Morgan Stanley have sold $5.5 billion of some $13 billion of debt they lent to support Elon Musk's $44 billion acquisition of Twitter, now called X, in 2022, said a source with knowledge of the deal.

Banks this week sold $5.5 billion in debt tied to Elon Musk’s 2022 buyout of Twitter, signaling that Wall Street's confidence in Musk is rising alongside the billionaire’s elevated status in Washington.

Banks including Morgan Stanley, Bank of America, and Barclays offered a deal to investors seeking minimum commitments in the hundreds of millions.