As Musk referenced in his email, the report says the banks hope to use the narrative of Musk’s link to Donald Trump, as some unnamed investors may be interested in buying based on a belief that its financials are on the way up.

Elon Musk recently shared to X employees that the company is struggling to break even, and it is still its problem.

Musk told employees about the controversial social network's financial struggles earlier this month, as US banks look to find buyers for the company's mammoth debt pile.