Hopes of IPOs for SpaceX or Neuralink could prove lucrative in the future
Wall Street’s top investment banks that stand to lose lucrative fees from Elon Musk abandoning his $44bn acquisition of Twitter hope the start-ups backed by the world’s richest person will make up for the lost business.
This estimate does not include Musk’s privately held start-ups SpaceX, Neuralink and The Boring Company. Bankers said these companies have paid tens of millions of dollars in investment banking fee revenue over the years for their capital raisings. According to estimates from Refinitiv, Morgan Stanley and the other financial advisers stand to make more than $55m from advising Musk, while the banks providing acquisition financing would stand to receive $150m-$200m.
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