Recently they were selling on the debt because its value had recovered close to par. But I don’t think this deal involved paying down any of that debt ahead of schedule.

They must be selling some ads. Good for them, I guess.

they get stock in xAI

Please cite your sources.

(edit: Bloomberg says the banks unloaded their shares earlier this year, reportedly "without taking a loss")

Now xAI should just issue more stock that X would buy with xAI’s funds. Dilute until financiers have nothing — a move known as the tech bro classic.