Borrowers must exert “best efforts” to help banks market buyout debt, syndication contracts insist. Elon Musk apparently missed that memo.
In his latest outburst, the owner of X applied the F word to blue-chip companies who have stopped advertising on the social network. Their concern was that ads might appear alongside hate-filled posts prompted by Musk’s endorsement of an antisemitic conspiracy theory.
The world’s richest man acts like the sole stakeholder in X, entitled to immolate a company for which he paid $44bn. But that ignores employees and users dependent on the company for a pay cheque or a forum to share mainstream news and views.
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