X covered some losses when banks sold debt, FT reports

X, the platform formerly known as Twitter (TWTR), covered some losses usually borne by banks when seven lenders, including Morgan Stanley (MS) and Bank of America (BAC), sold $1.2B of its debt at 98c on the dollar in April, The Financial Times’ Eric Platt, Will Schmitt, and Robert Smith report, citing people with knowledge of the matter. Publicly traded companies in the social media space that compete with X, the platform formerly known as Twitter, include Meta Platforms (META), Alphabet (GOOG) (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).