This story incorporates reporting from AOL.Wall Street banks are seeking to mitigate losses from the debt associated with Elon Musk’s acquisition of Twitter. In an effort to recover a portion of their investment,

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 hoping this is the week when they can start to recover more from the bad bets they made on Elon Musk’s Twitter buyout. Morgan Stanley (MS) and Bank of America (BAC) are among the banks that plan to sound out investors in the coming days to buy portions of debt initially provided to Musk in 2022 to take over the social media

Bill Gates has hit out at fellow billionaire Elon Musk and denounced his political activities as “insane s***.” The Microsoft CEO and philanthropist, who went to Mar-a-Lago last month for a three-hour dinner with President Donald Trump,