Investing.com -- A consortium of banks, including Morgan Stanley, Bank of America, Barclays, and Mitsubishi UFJ (NYSE: MUFG ), has successfully sold the final portion of debt associated with Elon Musk’s $44 billion acquisition of the social media platform Twitter, now known as X, Reuters reported today.

The banks sold loans worth $1.2 billion at 98 cents on the dollar, which carry a yield of 9.5%. Musk’s strong relationship with U.S. President Donald Trump and the potential for increasing revenue at X have enabled the banks to sell off nearly all of the $13 billion they had held on their balance sheets for close to two years.

The purchase of Twitter by Musk was financed through a combination of a $6.5 billion secured term loan, a $500 million revolving credit facility, a $3 billion unsecured loan, and $3 billion of secured loans. Morgan Stanley, along with six other lenders, played a part in Musk’s acquisition by providing a total of $13 billion in loans.

Earlier in the month, it was reported that Morgan Stanley had put up for sale the last piece of its $1.23 billion of debt tied to X. This was offered as a fixed-rate loan with an interest rate of 9.5% and a discounted price range of 97.5 cents to 98 cents on the dollar.

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