Big banks are reportedly planning to sell off debt that helped finance Elon Musk’s social media platform, X. According to recent reports, Morgan Stanley is taking the lead, aiming to sell senior debt at just 90 to 95 cents on the dollar.

This move comes as no surprise—banks usually don’t hold onto debt for long, but the ups and downs at X have made things tricky. Since Musk took over, the platform has faced waves of uncertainty, with advertisers pulling back amid concerns about controversial content.

While sources close to the company claim X’s finances are on the mend, Musk himself painted a less rosy picture in a January email, calling user growth “stagnant,” revenue “unimpressive,” and the platform “barely breaking even.”

Musk also highlighted X’s influence in shaping national conversations, but it’s unclear if that’s enough to lure advertisers back. Recent controversies, including a gesture at a political event that some called a fascist salute, aren’t helping either.

As Wall Street moves forward with these debt sales, it seems X’s financial future remains a topic of intense scrutiny.