Since his takeover of then-Twitter in 2022, Mashable has reported that X's user base has declined, fleeing for alternatives like Bluesky, especially after the 2024 U.S. presidential election. Advertisers have been no different, with the trend of companies removing ads on X expected to continue this year.

Though Musk notes that X is 'shaping national conversations,' that's not going to help banks collect on the money they put up to help Musk buy Twitter in 2022.

As Musk referenced in his email, the report says the banks hope to use the narrative of Musk’s link to Donald Trump, as some unnamed investors may be interested in buying based on a belief that its financials are on the way up.

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.

Banks are hoping to sell the X debt at around 90 to 95 cents on the dollar.