Burned Twitter deal bankers see silver lining in Musk’s startups & More Latest News

July 14 (Reuters) – Wall Street’s high funding banks that stand to lose profitable charges from Elon Musk abandoning his $44 billion acquisition of Twitter Inc hope the start-ups backed by the world’s richest particular person will make up for the misplaced enterprise.

Musk has been considered one of Wall Street’s largest patrons, doling out practically $500 million in charges to funding banks resembling Goldman Sachs Group Inc and Morgan Stanley since 2000, largely for work on Tesla Inc , in response to an estimate by Refinitiv.

This estimate doesn’t embrace Musk’s privately held start-ups SpaceX, Neuralink and The Boring Company. Bankers stated these firms have paid tens of thousands and thousands of {dollars} in funding banking charge income over time for his or her capital raisings.

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The bankers, who spoke about their enterprise prospects with Musk on situation of not being recognized, stated they might pursue a few of these alternatives, together with roles in any preliminary public choices these firms might pursue down the road.

Goldman Sachs and Morgan Stanley didn’t instantly reply to a request for remark.

For an interactive graphic, click on right here: https://tmsnrt.rs/3AMwve2

According to an earlier regulatory submitting, Twitter’s monetary advisors Goldman Sachs and JPMorgan Chase would obtain charges amounting to a complete of $133 million.

According to estimates from Refinitiv, Morgan Stanley and the opposite monetary advisors stand to make over $55 million from advising Musk, whereas the banks offering acquisition financing would stand to obtain wherever between $150 million to $200 million.

This isn’t the primary time bankers have been let down by Musk in an acquisition. He additionally reneged on his plan to take Tesla non-public for $72 billion in 2018 after publicly asserting that he had the “funding secured”.

SpaceX was most not too long ago valued at a whopping $125 billion, making it one of many world’s most richly valued non-public firms. It is predicted to go public at a considerably greater valuation, in response to IPO bankers and attorneys.

SpaceX didn’t instantly reply to a request for remark.

To be certain, there isn’t any assure that banks will lose out on the charges. This is as a result of Twitter has sued Musk in a Delaware court docket to pressure him to finish the deal.

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Reporting by Anirban Sen in New York; Editing by Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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