Wall Street’s top investment banks that stand to lose lucrative fees from Elon Musk abandoning his $44 billion acquisition of Twitter Inc. hope the start-ups backed by the world’s richest person will make up for the lost business.
Musk has been one of Wall Street’s biggest patrons, doling out nearly $500 million in fees to investment banks such as Goldman Sachs Group Inc. and Morgan Stanley since 2000, mostly for work on Tesla Inc., according to an estimate by Refinitiv.
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….