Sullivan & Cromwell Aided Musk’s X in $4.74 Billion Loan Deal

Sullivan & Cromwell helped Morgan Stanley and six other banks unload $4.74 billion of X Holdings Corp. debt tied to Elon Musk’s 2022 purchase of the social media platform then known as Twitter.

The Wall Street law firm advised X on the first lien term loan transaction earlier this month. Ari Blaut, co-head of the Sullivan & Cromwell’s credit and finance practice and leader of its private capital practice, and M&A partner Mike Ringler led the deal team.

Ringler was a lead lawyer for Musk on his 2022 take private of Twitter. He joined Sullivan & Cromwell last May from Skadden Arps Slate Meagher & Flom along with Peter Jones.

Sullivan & Cromwell’s work on the deal further cements the firm’s relationship with Musk, who has been working closely with President Donald Trump in his second term. Trump also turned to the Manhattan law firm to appeal his criminal conviction for hiding a $130,000 payment to adult film star Stormy Daniels.

Robert Giuffra Jr., Sullivan & Cromwell’s co-chair, is leading Trump’s legal team in the case in New York along with partners James McDonald, Morgan Ratner, Jeff Wall, and Matthew Schwartz.

Musk, meanwhile, has been in talks to raise money from investors for the X social media platform at a valuation of at least $44 billion, which is the amount he paid for it.