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Elon Musk is selling $5 billion in debt for his artificial intelligence startup, xAI, with Morgan Stanley shopping the debt at a double-digit interest rate, according to news agency Bloomberg.
The debt package reportedly includes a floating-rate term loan, a fixed-rate term loan, and senior secured notes. The funds will be used for general corporate purposes, with commitments due by June17.
This marks the latest in a string of fundraising efforts across Musk’s business empire, as he shifts focus back to running his companies and away from political…
