Twitter makes first interest payment on Elon Musk’s $12.5 billion debt

According to Bloomberg, Twitter made its first interest payment on $12.5 billion of debt that Elon Musk used to purchase the social media platform last year.

The first coupon was about $300 million and was due on January 27, the news outlet reported on Monday.

In addition to the roughly $12.5 billion in debt that Twitter took on during Musk's buyout, the electric vehicle pioneer has sold over $40 billion worth of Tesla shares over the past year.

Twitter and Morgan Stanley, which led a group of banks in lending the money, did not respond to a request for comment on Monday.

Since the deal was completed in October, Musk has made a lot of changes on the social media platform, including the removal of half of the company's staff and restoring the accounts of several prominent individuals who were previously suspended.

Despite the changes, Musk said last month that Twitter has been in the fast lane to bankruptcy since May. He blamed activist groups for a massive drop in revenues in November for urging companies to drop advertisements on the platform.