Musk responds to $100B credit line in $2B UBS-Credit Suisse deal: 'Wow'

Twitter CEO Elon Musk responded pinch 1 connection to reports that UBS would get a $100 cardinal in installments statement arsenic portion of a $2 cardinal woody to bargain Credit Suisse: wow.

A woody betwixt nan 2 financial institutions was announced connected Sunday aft nan Swiss authorities reportedly agreed to a woody that allowed the largest slope successful Switzerland, UBS, to bargain its rival, Credit Suisse, for $2 billion.

FILE PHOTO: Elon Musk's photograph is seen done a Twitter logo successful this illustration taken October 28, 2022.  (REUTERS/Dado Ruvic/Illustration/File Photo / Reuters Photos)

The woody comes arsenic concerns proceed to equine complete nan imaginable illness of Credit Suisse, which saw its banal value plunge and deposit outflows proceed past week, contempt receiving a $54 cardinal financial lifeline from the Swiss National Bank to bolster its liquidity.

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"So UBS buys Credit Suisse, Shareholders don’t get a vote, UBS gets $100 cardinal in installments statement from cardinal bank…," Twitter personification Wall Street Silver posted. "Crazy times this week. Bandaids flying everyplace to support nan strategy from falling apart."

The tweet was successful consequence to a communicative astir nan buyout and really Swiss authorities engineered nan deal.

Billionaire Musk, who purchased Twitter past year, is nan laminitis of SpaceX and nan CEO of Tesla.

After reference astir nan in installments statement UBS would get, Musk responded pinch conscionable 1 word.

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"$100B line…wow," he tweeted.

Talks astir UBS’ imaginable acquisition of Credit Suisse sewage superior complete nan play and progressive nan Swiss government’s financial regulators giving blessings aft some sides came to an statement complete nan position of nan deal.

UBS has a equilibrium expanse of astir $1.1 trillion – astir doubly that of Credit Suisse – and has been much resilient than Credit Suisse successful nan years since nan world financial situation of 2008.

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Credit Suisse’s distressed financial position arose from billions of dollars successful losses from investments that went bad, and fines imposed by regulators. Its assets dropped from $1.2 trillion successful nan 3rd 4th of 2008 to $576 cardinal successful nan 4th fourth of 2022.

Fox Business’ Eric Revell, Michael Lee and Andrew Miller, and Reuters contributed to this report.